Saudi housing seen hitting 1.5m units
Riyadh, April 23, 2013
Saudi Arabia’s housing sector is set to reach 1.5 million residential units by 2015, marking a 13 per cent growth in demand, said the sponsors of an upcoming key real estate exhibition in Riyadh.
The 16th edition of Riyadh Exhibition for Real Estate and Architecture Development (Restatex 2013), the largest annual real estate exhibition and forum in Saudi Arabia will take place from April 28 to May 1 at the Riyadh International Convention Centre.
Injaz Development, a leading developer in the kingdom and a Golden Sponsor of Restatex 2013, will highlight some of the country’s strategic property segments as well as key projects such as its Al Gamra and Al Marina developments.
Al Gamra is an integrated development project that offers ready-to-occupy plots for residential and commercial buildings and malls with a 2.6 million sq m complex at the heart of New Riyadh. It is specifically designed to complement the growing investment and housing needs of Northern Riyadh.
Al Marina, on the other hand, is a 3.3 million sq m development on the Al-Khobar-Dammam costal corridor which will emerge as a major waterfront landmark in the Eastern Province and is touted as one of the country’s most sophisticated multi-use real estate projects.
“While there is no doubt that Saudi Arabia represents one of the most vibrant property markets in the Arab region, interested developers and investors need to have solid information on available opportunities and how to go about securing them,” said Omar Al-Kadi, CEO and managing director, Injaz Development.
“As the Kingdom’s premier real estate event, Restatex connects the right stakeholders with the right projects to ensure mutual and robust growth.
“Injaz considers Restatex an ideal platform to share and acquire expertise and best practices while introducing our own projects to a broader regional and global audience. It is also an exciting channel to strengthen ties and form partnerships with market players,” he added.
Over the past few years, around 50 new real estate developers have been licensed in Saudi Arabia to address needs of the construction pipeline currently estimated to be worth SR2.35 trillion ($625 billion), with the residential, education, healthcare and industrial sectors as focal areas, a statement said. – TradeArabia News Service