2014: the year Saudi Arabia's real estate sector reveals its new face
The year 2014 is all set to witness huge achievements in the Saudi real estate industry, especially the housing sector in which the private sector is now playing a greater role in supporting the government’s initiatives.
Experts from Saudi Arabia and the region will discuss the challenges and opportunities awaiting the real estate sector at the 5th annual Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah 2014 which is to be held under the patronage of Prince Misha’al Bin Majid Bin Abdulaziz, on May 4-6 under the theme “Kingdom on the Rise”.
The Kingdom really is on the rise and the real estate sector is expected to benefit from the huge funds injected by the government into the housing market, such as the decision to further support housing by allocating SR250 billion to construct 500,000 units.
Also, after years of planning and continuous hard work, the Ministry of Housing’s efforts have started to pay off and tangible results have begun to surface including the launch of the eligibility rules and Iskan gateway last week, which will reveal the real size of the housing problem and who really needs support from the ministry.
Another factor that will boost the real estate market is the availability of home mortgages enabling individuals and families to become homeowners. Furthermore, massive investment in mega infrastructure projects such as the economic cities and general transportation plan are giving an even bigger boost to the sector.
Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “We expect to see new market dynamics in 2014, especially with the efforts the Ministry of Housing are making to spin the wheel of development. Developers from across the Kingdom have been recently engaged in a series of meetings with the Ministry discussing means of collaboration to solve the housing shortage estimated at 200,000 units a year.”
Attracting global interest in the Kingdom’s buoyant real estate sector, Cityscape Jeddah expects an estimated 8,000 visitors to attend the three-day event that presents developers from KSA and the GCC with a platform to showcase new projects and connect with customers and industry professionals.
In addition, the two-day, Jeddah Real Estate Summit Workshops organized alongside the exhibition, has become the premier forum where regional and international leaders meet to discuss growth and investment strategies, along with the most recent innovations and developments in the real estate sector.
Dr. Abdullah bin Mahfouz, Chairman, National Exhibitions Company, organizers of Cityscape Jeddah, said: “Cityscape Jeddah brings together regional and international investors, developers, architects and designers, governmental authorities, key decision makers and senior executives involved in the design and construction of public and private real estate developments. These are the people who have the power to influence and shape the curve of Jeddah’s real estate market.”
The Real Estate Summit this year is going to focus on hot topics which include: how to ensure a quality workforce; forecasts for the Kingdom’s real estate sector; ways to mitigate against project cost fluctuations; emerging KSA market niches with strong ROIs; and frank discussions on how to improve KSA’s legal landscape for the property market.
Adding something new this year, Cityscape Jeddah 2014 includes a Mortgage Clinic where professional advisors will help aspiring home buyers to learn about the new laws, what banks will ask of a mortgage candidate, what mortgage products are available, and what protection the law provides.
A highlight of Cityscape Jeddah 2104 will be Cityscape Awards for Real Estate in Saudi Arabia, which will be presented on May 5. The awards are a prestigious annual event that recognizes and rewards industry professionals and companies who have shown outstanding real estate development and architecture for both built and future projects in the Kingdom.
Supporting the vision for growth in the real estate industry, the Jeddah Urban Development and Real Estate Investment Event - Cityscape Jeddah 2014 is sponsored by Sumou Real Estate (principal sponsor) and Ewaan Global Residential Company (founding sponsor) along with Sobah Hartland and Flash properties as gold sponsors.
There is no doubt that Jeddah Urban Development and Real Estate Investment Event - Cityscape Jeddah is the leading real estate event in the Kingdom, supporting the government’s vision for growth in the real estate industry, highlighting iconic architecture and innovative development, and providing direct access to the region’s biggest real estate market – Saudi Arabia
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