The real estate landscape in Saudi Arabia is undergoing a significant transformation as its cities expand, creating new prospects for property developers, investors, and businesses. This shift towards larger, integrated developments with increased private-sector involvement is prominently featured 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.
One of the highlights of the exhibition is the MARAFY project, showcased by ROSHN Group. This ambitious waterfront development, situated in northern Jeddah, covers an extensive area of over 9.3 million square meters. The project is centered around an artificial waterway that connects to the Red Sea via Obhur Creek. With plans to accommodate more than 70,000 residential units and an eventual population exceeding 225,000 residents, MARAFY represents a significant addition to the region’s urban landscape.
As part of MARAFY, the Alarous community is projected to include approximately 18,000 residential units. Numerous companies are engaged in developments throughout the broader master plan, reflecting a collaborative effort to realize this expansive vision. The dynamic growth in the real estate sector is also attracting international developers. New Event Development, a company with operations in Egypt and Türkiye, has announced projects in Jeddah and plans to expand into Riyadh, capitalizing on opportunities presented by Saudi Vision 2030.
With these burgeoning investment opportunities, legal experts are emphasizing the importance of due diligence for property buyers. They advise prospective buyers to thoroughly verify property ownership, ascertain the legal status of developers, and confirm the authority of the individuals signing contracts. Additionally, experts recommend a careful review of commercial registrations, ownership documents, payment terms, delivery timelines, guarantees, and penalties for any delays. Buyers are cautioned against transferring funds to personal accounts and are encouraged to seek legal counsel before finalizing property agreements.
