As Saudi Arabia’s urban landscapes evolve, they are opening up a wealth of opportunities for property developers, investors, and businesses. The kingdom’s real estate sector is witnessing a shift towards larger, integrated developments with a more significant role for the private sector. This growth and transformation are being prominently displayed at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah. The event serves as a convergence point for government agencies, developers, investors, financial institutions, and real estate service providers.
At the forefront of this development is the ROSHN Group, which has unveiled MARAFY, an expansive waterfront project in northern Jeddah. Spanning over 9.3 million square meters, MARAFY is strategically developed around an artificial waterway linked to the Red Sea via Obhur Creek. This ambitious project is expected to accommodate more than 70,000 residential units and eventually house over 225,000 residents. A key feature of MARAFY is the Alarous community, anticipated to comprise approximately 18,000 residential units, with numerous companies participating in various aspects of the broader master plan.
The real estate landscape in Saudi Arabia is also attracting international developers. New Event Development, a company with operations in Egypt and Türkiye, has announced projects in Jeddah and has expressed intentions to expand into Riyadh. The firm attributes these plans to the opportunities created by the ambitious Saudi Vision 2030 initiative, which aims to diversify the economy and reduce dependency on oil revenues.
As the investment landscape becomes more vibrant, legal experts are advising prospective property buyers to exercise due diligence before making purchases. They emphasize the importance of verifying property ownership, the legal standing of developers, and the authority of individuals signing contracts. Experts also advise reviewing commercial registration, ownership documents, payment terms, delivery timelines, guarantees, and penalties for delays. Additionally, buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal advice prior to finalizing property agreements.