Cityscape Jeddah 2015 predicts bright future of Saudi real estate market

Various mega-projects set standards on how to evaluate, manage and run real estate.

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Riding a wave of prosperity and enthusiasm sweeping through Saudi Arabia’s real estate market, the Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah 2015 is witnessing the participation of 50 national and regional companies.

The participants are showcasing their projects to more than 10,000 expected visitors throughout the three-day event, inaugurated on Sunday, by Prince Mishal Bin Majed Bin Abdulaziz, Governor of Jeddah at the Jeddah Center for Forums and Events.

The exhibition and its accompanying workshops kicked off amidst unprecedented enthusiasm among homebuyers, investors, developers, architects, designers, and major government officials, who came along to explore the present and future state of the Red Sea city’s real estate market and that of the Kingdom at large.

Dr. Abdullah Bin Mahfouz, Chairman of the National Exhibitions Company, which organizes the event, welcomed Prince Mishal’s visit to the annual event, and expressed his pride at Prince Mishal’s support of the event.

Bin Mahfouz also praised the Kingdom’s leadership for their keenness to provide the best possible standards of living to Saudi citizens. “Amid the rapid, accelerating pace of the Saudi real estate market, Cityscape Jeddah has proven over the years what an important platform it is to bring together experts, project owners, and investors from all over the region, so they could discuss ways to take advantage of the countless promising opportunities that set the Kingdom’s real estate market apart,” said Bin Mahfouz. “Saudis were universally pleased with the Ministry of Housing’s announcement yesterday of launching a new housing project in Jeddah that will include 14,000 units over 13 square kilometers, which will do a great deal to narrow the supply-demand gap in the local housing market.”

Riyadh Al-Thaqafi, CEO of Cityscape Jeddah Founding Sponsor – Ewaan Global Residential Company, a housing development company, added “we’ve all seen just how keen the government has been lately to shore up the local real estate market by giving land owners more incentives to invest their lands in various residential, commercial and industrial projects, thus bringing the prices of real estate – and especially residential units – down. The result will inevitably be more Saudi’s who own their own homes in the next few years.”

“Ewaan will continue to put its vision – one which it shares with the government – for growth in the real estate sector, based on its belief that the private sector is the government’s partner in providing solutions for affordable housing to citizens. Al-Fareeda project is an embodiment of that vision, as it provides some 1,800 quality villas aimed at buyers with average incomes.

“This project is supplemented by several others all over the Kingdom, all of which are part of our expansion strategy in the local development market, in which we seize on every opportunity that would bolster our project portfolio, boost our revenue, and narrow the supply-demand gap nationwide.”

Another participant that stands out at Cityscape Jeddah 2015 is Principal Sponsor Sumou Real Estate, which is developing a number of upscale industrial, commercial and housing projects.

Sumou’s projects bring to reality its unique vision, which sees it evaluating, developing and managing its various real estate investments in ways that enhance the sector by offering the best possible solutions that serve individuals and communities.

Various mega-projects set standards on how to evaluate, manage and run real estate.

The first day of the event on Sunday was also the first day of the accompanying workshops, in which a bevy of real estate and development experts shared their ideas and visions for the Saudi real estate market and its investment opportunities. The workshops will cover a multitude of issues pertaining to the sustainability and growth of the sector.

On Monday – Day Two of the event, the industry’s leading companies will be recognized at the Cityscape Awards for Real Estate in Saudi Arabia, the Kingdom’s premier awards ceremony for the real estate industry.

On the third and final day, a Master Class will provide practical training on the standards used in evaluating projects and real estate analysis, and how real estate decision-making can be made easier, safer and more lucrative.

The importance of Cityscape Jeddah comes from the great support it enjoys from Sumou Real Estate – Principal Sponsor, Ewaan Global Residential Housing – Founding Sponsor, Sobha Hartland - Gold Sponsor, and IQI - Silver Sponsor.

This article was first published in the Saudi Gazette on April 6, 2015.