Saudi Arabia’s real estate sector is booming, with the second annual Cityscape Global 2024 setting the stage for groundbreaking deals, signaling transformative growth and heightened international interest. Held at the Riyadh Exhibition and Convention Center, the world’s largest real estate exhibition anticipates deals exceeding SAR 180 billion ($48 billion), marking an impressive 50% growth over last year’s event. This unprecedented activity in Saudi Arabia’s property market underscores the Kingdom’s vision to become a global leader in sustainable urban development and investment-friendly ecosystems.
Majid Al-Hogail, the Saudi Minister of Municipal and Rural Affairs and Housing, reported that real estate deals within the Kingdom have reached SAR 630 billion ($168 billion) so far this year. The growth in real estate investments aligns closely with Vision 2030, the Kingdom’s national initiative to diversify the economy away from oil dependence by developing a robust private sector, sustainable infrastructure, and an investor-friendly regulatory environment. According to Al-Hogail, this year’s Cityscape Global underscores Saudi Arabia’s success in attracting global investment, propelling the nation’s economic development goals forward with a strategic focus on housing, mixed-use developments, and large-scale infrastructure projects.
The event has doubled in scale from last year, hosting more than 100 local and 69 international developers. This increase highlights the strengthening confidence from international markets and developers in Saudi Arabia’s evolving property sector. Organized with support from the Ministry of Municipal and Rural Affairs and Housing, the General Real Estate Authority, and the Housing Program, Cityscape Global is central to fostering collaboration, innovation, and investment in the sector, with long-term benefits for the Kingdom’s economy.
Saudi banks have played a significant role in bolstering the real estate market, with real estate financing soaring from SAR 200 billion ($53.3 billion) in 2018 to SAR 800 billion ($213.3 billion) this year. This trend is expected to continue, with projections indicating that market financing could reach SAR 1.3 trillion ($346 billion) by 2030. The Saudi Real Estate Refinance Company (SRC) has supported this expansion by providing over SAR 37 billion ($9.8 billion) in mortgage refinancing, facilitating increased homeownership and enhancing market liquidity.
The drive to bolster homeownership is a central element of Vision 2030. By the end of 2023, Saudi Arabia’s homeownership rate reached 63.7%, with the government working toward achieving 70% ownership by 2030. The Ministry of Housing has introduced over 20 new regulations to simplify real estate transactions, increase transparency, and encourage private investment. Additionally, more than 60,000 real estate broker licenses have been issued, further professionalizing the sector.
Under the theme “Future of Living,” this year’s Cityscape Global showcases how Saudi Arabia is reimagining urban development to meet the evolving needs of its population. Over 400 exhibitors from 50 countries are participating, including over 100 investors. Cityscape’s agenda aligns with Vision 2030’s key pillars, including increasing real estate supply, expanding financing options, modernizing regulations, and adopting advanced technology for smarter, more sustainable cities.
Through a dedicated focus on infrastructure that incorporates green spaces, advanced transit systems, and access to essential services, Saudi Arabia’s real estate transformation promises to build livable, interconnected, and environmentally friendly urban centers. This aligns with Vision 2030’s objective to provide residents with enhanced quality of life, backed by comprehensive urban planning, efficient land use, and modernized utilities.
One of the highlights of Cityscape Global 2024 was the National Housing Company (NHC) unveiling its new brand identity. CEO Mohammed Al-Buty emphasized that this rebranding symbolizes NHC’s commitment to creating vibrant, integrated communities that elevate quality of life for residents. The NHC has adopted a development model centered around infrastructure improvements that prioritize sustainability, public health, and accessibility.
“Saudi Arabia’s housing and infrastructure transformation will serve as a global model,” Al-Buty said. “Our projects reflect the Kingdom’s vision to build communities that are not only resilient and inclusive but also adaptable to future changes. Our focus is on providing accessible housing with proximity to amenities like schools, medical facilities, and commercial areas, setting new standards for quality of life.”
This year’s Cityscape Global also saw a series of landmark announcements that highlight Saudi Arabia’s growing prominence in the global real estate market:
- National Housing Company (NHC): NHC signed deals valued at SAR 142 billion, with projects spanning both residential and mixed-use developments aimed at creating modern, interconnected communities.
- Retal Urban Development: Committed more than SAR 14 billion for projects in Riyadh and Al Khobar, focusing on upscale residential and commercial spaces that combine luxury with functionality.
- Mohammed Al-Habib Company: Announced “Enar,” a SAR 5 billion residential-commercial project designed to create an integrated living and business environment with facilities that support both urban living and economic activity.
- Tilal Real Estate: Tilal pledged SAR 6 billion for a mixed-use project in Al Khobar, combining residential spaces with retail and recreational areas.
- Caden Real Estate Development: Launched a SAR 10 billion project aimed at developing over one million square meters, enhancing the urban footprint of the Kingdom’s cities.
- Mountain View: Committed SAR 1.2 billion to build 500 villas, catering to the rising demand for premium housing options in Saudi Arabia’s growing urban areas.
- Diriyah Gate Company: Invested SAR 1 billion in luxury residential and hotel suites, partnering with international brands like Ritz-Carlton and Raffles to bring unparalleled hospitality experiences to the Kingdom.
