Arab News, Tue, Feb 20, 2024 | Shaban 10, 1445
Restatex kicks off in Riyadh with $640m in real estate deals
Saudi Arabia:
Saudi developers received a funding boost with deals exceeding SR2.4 billion
($640 million) signed on the sidelines of the four-day Restatex Real Estate
Exhibition in Riyadh.
In addition, the event witnessed the launch of
three property development funds, amounting to over SR1 billion.
The exhibition aims to underscore the property
sector’s role in diversifying investment sources, a key goal of Saudi Arabia’s
Vision 2030.
Being held at the Riyadh International Convention
and Exhibition Center, the event was inaugurated on Feb. 18 by the Minister of
Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail.
The gathering included real estate
decision-makers, as well as housing and financial investment stakeholders, such
as banks, financing companies, and property developers.
The new edition of the exhibition saw
participation from the Real Estate General Authority, the Real Estate
Development Fund, and the National Housing Co. Additionally, the New Murabba
Development Co., fully owned by the Public Investment Fund, also took part.
During his visit to the exhibition, the minister
examined the latest residential projects, real estate products, and financial
services offered by participating entities.
The focus is on meeting the desires and needs of
Saudi families for affordable homes with contemporary designs, ultimately
contributing to the realization of Vision 2030 objectives in the housing
sector.
The exhibition will host over 10 panel
discussions, each delving into different topics.
These include property developer classification,
the real estate incentive initiative, and regulations and commitments for real
estate appraisal.
Other areas of discussion encompass building
safety under the Saudi Building Code, professionalism in real estate
transactions, sustainability assessment for residential projects, and innovation
in real estate.
The event serves as a platform to exchange
expertise and showcase successful experiences in real estate development.
Moreover, it will facilitate the signing of
extensive agreements and partnerships between government entities and private
sector participants. This will advance the stimulation and enhancement of
housing supply and the development of the real estate sector in the Kingdom.
In 2023, Riyadh experienced a 7 percent increase
in real estate transaction volumes compared to the previous year, according to
Knight Frank.
This positive development contrasts with other
cities in the Kingdom, including Jeddah and Dammam, which witnessed declines of
21 percent and 12 percent in transaction volumes, respectively.
In its latest report, the UK-based agency revealed
that overall transaction volumes in Saudi Arabia’s real estate sector fell by 17
percent in 2023 to just over 177,000.
On the other hand, the total volume of all deals
in the Kingdom declined by 9 percent to SR197.7 billion.
However, on a positive note, the total value of
residential transactions in Riyadh rose by 1 percent during 2023 to SR50.9
billion.