Saudi Arabia’s real estate sector is witnessing significant growth as cities expand, creating new avenues for property developers, investors, and businesses. This shift focuses on larger, integrated developments and increased private-sector involvement. These advancements are being highlighted at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, an event that draws together government agencies, developers, investors, financial institutions, and real estate service providers.
A major highlight of the exhibition is the ROSHN Group’s presentation of MARAFY, a substantial waterfront project in northern Jeddah. Spanning over 9.3 million square meters, MARAFY is centered around an artificial waterway linking to the Red Sea via Obhur Creek. The development aims to accommodate more than 70,000 residential units, ultimately housing over 225,000 residents. Within this project, the Alarous community is set to include approximately 18,000 residential units, involving multiple companies in the broader master plan.
Developers are increasingly expanding their operations within Saudi Arabia. New Event Development, a company with projects in Egypt and Türkiye, has announced its undertakings in Jeddah and plans to extend its reach to Riyadh, driven by opportunities emerging from Saudi Vision 2030.
As investment prospects in the region grow, legal experts are emphasizing the importance of due diligence for property buyers. Prospective buyers are advised to thoroughly verify property ownership, confirm the legal status of developers, and ensure the authority of individuals signing contracts. It is also recommended to review commercial registrations, ownership documents, payment terms, delivery dates, guarantees, and penalties for delays.
To safeguard investments, experts caution against transferring funds to personal accounts and strongly suggest seeking legal advice before finalizing property agreements. This comprehensive approach aims to ensure a secure and informed investment process, aligning with the sector’s evolving landscape.