In Saudi Arabia, the real estate landscape is undergoing significant transformation, offering fresh prospects for developers, investors, and businesses. As cities expand, the focus is increasingly on large-scale, integrated developments with more involvement from the private sector. These developments are in the spotlight at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, which is gathering key players including government bodies, developers, investors, financial institutions, and real estate service providers.
Among the prominent projects highlighted is the MARAFY development by ROSHN Group. Situated in northern Jeddah, this expansive waterfront project spans over 9.3 million square meters. It features an artificial waterway linked to the Red Sea through Obhur Creek and is planned to accommodate more than 70,000 residential units, eventually housing over 225,000 residents. Within this project, the Alarous community is set to contribute approximately 18,000 residential units, involving multiple companies in its broader master plan.
As the real estate sector booms, developers are increasing their footprint in the country. New Event Development, which already has operations in Egypt and Türkiye, is expanding its projects in Jeddah and aims to venture into Riyadh, fueled by the opportunities presented by Saudi Vision 2030.
With the rise in investment opportunities, legal experts are advising potential property buyers to carry out comprehensive due diligence before making purchases. It is crucial for buyers to confirm the ownership of properties, verify the legal standing of developers, and ensure the signatory’s authority on contracts. Experts also recommend scrutinizing commercial registrations, ownership papers, payment terms, project delivery timelines, guarantees, and penalties for any delays.
Additionally, buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal counsel before entering into property agreements. This vigilance is essential in navigating the expanding real estate market in Saudi Arabia and ensuring sound investments.