Saudi Arabia’s urban expansion is generating fresh opportunities for real estate developers, investors, and businesses as the sector evolves towards larger, integrated projects and increased private-sector involvement. This burgeoning growth is being highlighted at the fifth Saudi Real Estate Development and Ownership Exhibition in Jeddah, which convenes government agencies, developers, investors, financial institutions, and real estate service providers.
One of the standout projects is MARAFY, a significant waterfront development spearheaded by ROSHN Group in northern Jeddah. Spanning more than 9.3 million square meters, MARAFY is centered around an artificial waterway linked to the Red Sea via Obhur Creek. It is designed to accommodate over 70,000 residential units, ultimately hosting more than 225,000 residents. Within this development, the Alarous community is set to feature approximately 18,000 residential units, with various companies participating in the broader master plan’s development.
Developers are keen to expand their footprint in Saudi Arabia. New Event Development, which already operates in Egypt and Türkiye, has announced projects in Jeddah and is looking to enter Riyadh, driven by the prospects offered by Saudi Vision 2030. This ambitious initiative is opening pathways for growth and investment in the country’s real estate sector.
As these investment opportunities proliferate, legal experts are advising potential property buyers to perform diligent checks before making purchases. It is crucial for buyers to verify property ownership, ascertain the legal standing of the developer, and ensure the authority of the individual signing the contract. Experts also emphasize the importance of reviewing commercial registration, ownership documents, payment terms, delivery timelines, guarantees, and penalties for any delays.
Prospective buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal counsel prior to finalizing property agreements. Such measures are vital to safeguard investments and ensure that transactions are conducted smoothly and securely in this rapidly growing market.