Saudi Arabia’s urban expansion is paving the way for new avenues in property development, drawing significant interest from developers, investors, and businesses. The real estate sector is witnessing a shift towards larger, integrated projects and enhanced private sector engagement. This growth is prominently featured at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, a platform that convenes government bodies, developers, investors, financial institutions, and real estate service providers.
One of the key highlights is the MARAFY project, unveiled by ROSHN Group. This ambitious waterfront development is set in northern Jeddah, spanning over 9.3 million square meters. It features an artificial canal linked to the Red Sea via Obhur Creek and is projected to accommodate more than 70,000 residential units, eventually housing over 225,000 people. Within this expansive plan, the Alarous community is anticipated to offer around 18,000 residential units, with various companies contributing to the broader development efforts.
Alongside local advancements, international developers are keen to expand their footprint in Saudi Arabia. New Event Development, already operational in Egypt and Türkiye, has announced ongoing projects in Jeddah and aims to venture into Riyadh. This expansion is fueled by the strategic opportunities presented by Saudi Vision 2030, which seeks to diversify the kingdom’s economy and reduce its dependency on oil.
As lucrative prospects emerge, legal experts are advising potential property buyers to conduct meticulous due diligence before making purchases. It is crucial for buyers to verify property ownership, assess the legal standing of developers, and confirm the authority of individuals signing contracts. Additionally, experts recommend thoroughly examining commercial registrations, ownership documents, payment terms, delivery timelines, guarantees, and penalties for any delays. To safeguard their investments, buyers should avoid transferring funds to personal accounts and are urged to seek legal consultation prior to finalizing property deals.