Wednesday, May 29
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Riyadh

Real Estate

ROSHN Showcases Saudi Urban Renaissance at Global Real Estate Summit

In a significant display of Saudi Arabia's commitment to urban progress, ROSHN Group, the nation's preeminent property developer backed by the Public Investment Fund (PIF), took the stage at the International Real Estate Professional Marketplace (MIPIM) in Cannes, France. As part of the 'Invest Saudi' pavilion, ROSHN represented the kingdom as a member of the most substantial Saudi contingent to...

Saudi Real Estate Poised for Growth with $2B Investment

The real estate sector in Saudi Arabia is on the verge of a significant upturn as a survey reveals that high-net-worth individuals (HNWIs) from the Muslim community are looking to pour approximately $2 billion into properties in the sacred cities of Makkah and Madinah.A renowned global property consultancy's recent research, featured in their inaugural 'Destination Saudi' report, highlighted the intense...

NEOM Unveils Gidori: A Luxe Golf Haven by the Gulf of Aqaba

The NEOM Board of Directors has recently declared the launch of Gidori, a new private golfing enclave that is poised to redefine luxury living in the heart of northwest Saudi Arabia. Nestled within the stunning hillscapes bordering the Gulf of Aqaba, this secluded community promises an unparalleled lifestyle infused with opulence and recreation. Gidori stands out with its majestic architecture...

Rafal and HIVE Forge Partnership for Urban Living Innovations

In a landmark development signaling a transformative shift in urban lifestyles, Rafal Real Estate Development Company has joined forces with Dubai-based HIVE, a purveyor of pioneering living solutions, to make inroads into the Saudi Arabian market.A ceremonial event marked the initiation of their first venture on King Salman Road in Riyadh. This initiative is set to spearhead a wave of...

Banan City Launch: Riyadh’s New Urban Vision

In a significant move to enhance Riyadh's housing landscape, the National Housing Company (NHC) has joined forces with Talaat Moustafa Group—Saudi Arabia (TMG) to announce the commencement of the Banan City Project. This initiative was set in motion under the auspices of Majid bin Abdullah Al-Hagail, the Minister of Municipal and Rural Affairs and Housing. The inauguration ceremony was graced...

SEDA 4: ROSHN Group’s Latest Expansion

ROSHN Group has unveiled the latest expansion of its esteemed SEDRA project with an announcement of a fresh phase introducing 4,860 new residential units. Spanning over 1.9 million square meters, the development will be progressively brought to market, with the initial offering encompassing 1,254 units ready for acquisition. David Grover, the Chief Executive Officer of ROSHN Group, expressed his enthusiasm...

Surge in Saudi Property Leases Marks Sector Expansion

The property landscape in Saudi Arabia is experiencing a significant upswing, with a 15 percent year-on-year increase in the documentation of lease contracts, hitting an unprecedented high of 59,575 in the month of January.The nation's Real Estate General Authority has reported this peak as the most substantial monthly volume of commercial agreements recorded, propelling the cumulative total to over 1.5...

Saudi Real Estate Index Rises with Residential Sector Surge

The Saudi Arabian property landscape has seen modest growth, as indicated by a 0.7 percent increase in the real estate price index for 2023, primarily fueled by gains in the residential market, according to official statistics.Residential property prices rose by 1.1 percent over the previous year, with land plot costs climbing by 1.2 percent. Furthermore, the price of apartments ascended...

Riyadh’s Real Estate Crunch: A Challenge for Expats and Investors

The Saudi capital is grappling with a significant real estate shortage, particularly in the housing market, as the demand for residences surpasses the rate at which new properties are being developed. This deficit is intensifying rental costs and is anticipated to worsen with the expected population influx following the implementation of the Regional Headquarters (RHQ) policy. Industry specialists predict that...

Saudi Arabia Mandates Online Rent Payments via Ejar

Starting from January 15, Saudi Arabia has made it obligatory for all residential rent payments to be processed exclusively through the Ejar platform. This initiative was announced by the country's Real Estate General Authority, which also clarified that this requirement will not extend to commercial lease agreements. The Ejar system provides tenants and property owners with a digital infrastructure to...

Saudi Real Estate Refinancing Company Bolsters Housing Market

The Saudi Real Estate Refinancing Company (SRC), a subsidiary of the Public Investment Fund established in 2017, has made a significant impact on Saudi Arabia's housing finance market by injecting over SR50 billion (approximately $13 billion). This influx is intended to rejuvenate the nation's real estate sector and contribute to achieving the ambitious target of 70% home ownership set by...

CBRE Inaugurates New Office in Riyadh, Saudi Arabia

Global real estate advisor CBRE has officially opened its new office in Riyadh, Saudi Arabia. The company has been serving clients in Saudi Arabia for over 15 years and currently has a team of more than 300 real estate experts in the Kingdom. To accommodate its growing headcount and anticipate further growth, CBRE's leadership team decided it was time for...

Diriyah Company to Sell Luxury Homes in Wadi Safar Community

Diriyah Company, the developer behind the transformation of Saudi Arabia's historic district into a major tourism project, is set to sell luxury homes in its Wadi Safar community as part of its residential strategy. The company plans to offer between 40 and 50 units, with a minimum price tag of $25 million each. These upscale units, located in Wadi Safar...

Oman’s Residential Real Estate Market Sees Surge in Land Prices

Oman's residential real estate market has witnessed a significant surge, with residential land prices leading the way. According to the National Center for Statistics and Information (NCSI), the overall real estate index experienced a 2.5 percent increase in the third quarter of 2023. Data released by the NCSI revealed a 7.1 percent growth in the residential land price index. However,...

IPS 2024: Exploring Investment Opportunities in Saudi Arabia’s Real Estate Market

As the landmark 20th edition of the International Property Show (IPS) 2024 draws near, global investors are turning their attention to the thriving real estate market in Saudi Arabia. With key indicators pointing towards a promising landscape, IPS 2024 serves as the ultimate platform for exploring and capitalizing on investment options in the Saudi real estate sector. Investors worldwide are...

Qiddiya City: The Future of Entertainment, Sports, and Culture in Saudi Arabia

Qiddiya, one of Saudi Arabia's five giga projects, recently revealed the details of its ambitious development. The first phase of Qiddiya City will be dedicated to play and centered around entertainment, sports, and culture. Located near Riyadh, the city boasts stunning views of the Tuwaiq mountains. With attractions such as a gaming and esports district, a speed park track, golf...

Saudi Arabia will host the World Expo 2030 in Riyadh

Saudi Arabia is taking concrete steps to position itself as a global leader in digital technologies. The Kingdom’s Vision 2030 for a diversified economy relies heavily on digital transformation initiatives, an area the government has always focused on and heavily invested in long before the pandemic. As with any rapidly maturing market, the ICT ecosystem in Saudi Arabia is evolving...