Saudi Arabia’s rapidly growing urban landscapes are generating fresh prospects for property developers, investors, and businesses as the real estate industry transitions towards larger, more integrated projects and increased involvement from the private sector. This shift in the sector is being highlighted at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, which serves as a gathering point for government entities, developers, investors, financial institutions, and real estate service providers.
The ROSHN Group is spotlighting MARAFY, a significant waterfront endeavor situated in northern Jeddah, spanning over 9.3 million square meters. This ambitious project is being constructed around an artificial waterway that connects to the Red Sea via Obhur Creek. It is designed to accommodate more than 70,000 residential units and, ultimately, a population exceeding 225,000 residents. Within the expansive MARAFY development, the Alarous community is projected to comprise approximately 18,000 residential units, with various companies contributing to the broader master plan.
Real estate developers are increasingly making their mark in Saudi Arabia. New Event Development, a company with operations in Egypt and Türkiye, has announced its projects in Jeddah and plans to extend its reach to Riyadh, motivated by the opportunities arising from Saudi Vision 2030. This initiative aims to diversify the economy and reduce dependence on oil, thereby creating a favorable environment for the real estate sector’s expansion.
As investment possibilities proliferate, legal experts are advising property buyers to conduct comprehensive due diligence prior to making any purchases. It is crucial for buyers to confirm property ownership, the legal standing of the developer, and the authority of the individual signing the contract. Experts also recommend meticulously reviewing commercial registration, ownership documents, payment terms, delivery schedules, guarantees, and penalties in case of delays. Buyers are urged to refrain from transferring funds to personal accounts and to seek legal counsel before finalizing property agreements.