The rapid urban expansion in Saudi Arabia is paving the way for new opportunities in the real estate market, attracting property developers, investors, and businesses. As the sector transitions to larger, integrated developments with increased private-sector involvement, its growth is prominently featured at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah. This event serves as a platform for collaboration among government agencies, developers, investors, financial institutions, and real estate service providers.
A standout project at the exhibition is the MARAFY development, spearheaded by ROSHN Group. Situated in the northern part of Jeddah, this significant waterfront project spans over 9.3 million square meters. It is designed around an artificial waterway that connects to the Red Sea via Obhur Creek. Once completed, MARAFY is expected to accommodate over 70,000 residential units and house more than 225,000 residents. Within this development, the Alarous community alone will offer approximately 18,000 residential units, with various companies contributing to the broader master plan.
As international developers increase their presence in the kingdom, companies like New Event Development, which already operate in Egypt and Türkiye, are expanding their projects to include Jeddah, with plans to venture into Riyadh. This expansion is fueled by the opportunities generated by Saudi Vision 2030, an initiative aimed at diversifying the economy and reducing dependency on oil.
With these burgeoning investment opportunities, legal experts are advising prospective property buyers to exercise due diligence. They emphasize the importance of verifying property ownership and the legal status of developers, as well as ensuring that the person signing contracts has the proper authority. Additional recommendations include scrutinizing commercial registrations, ownership documents, payment terms, delivery schedules, guarantees, and penalties for any delays. To safeguard their investments, buyers are urged to avoid transferring funds to personal accounts and to seek legal counsel before finalizing property agreements.