Cityscape Jeddah to discuss real estate issues
Jeddah, March 25, 2014
Experts from Saudi Arabia and the region will discuss the challenges and opportunities of the real estate sector at Cityscape Jeddah in May.
The fifth annual Jeddah urban development and real estate investment Event – Cityscape Jeddah 2014, under the them ‘Kingdom on the Rise,’ is to be held from May 4 to 6 at the Jeddah Centre for Forums and Events.
The kingdom is on the rise and the real estate sector is expected to benefit from the huge funds injected by the government into the housing market, such as the decision to further support housing by allocating SR250 billion ($66.6 billion) to construct 500,000 units, said a statement.
The Ministry of Housing has launched the eligibility rules and Iskan gateway, which will reveal the size of the housing problem and who really needs support from the ministry, it said.
Another factor that will boost the real estate market is the availability of home mortgages enabling individuals and families to become homeowners.
Furthermore, massive investment in mega infrastructure projects such as the economic cities and general transportation plan are giving an even bigger boost to the sector.
Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “We expect to see new market dynamics in 2014, especially with the efforts the Ministry of Housing are making to spin the wheel of development. Developers from across the kingdom have been recently engaged in a series of meetings with the Ministry discussing means of collaboration to solve the housing shortage estimated at 200,000 units a year.”
The Cityscape Jeddah show is expecting an estimated 8,000 visitors to visit the three day event that will present developers from Saudi Arabia and the GCC will a platform to showcase new projects and connect with customers and industry professionals.
The two-day Jeddah Real Estate Summit Workshops organised alongside the exhibition, has become the premier forum where regional and international leaders meet to discuss growth and investment strategies, along with the most recent innovations and developments in the real estate sector.
Dr Abdullah bin Mahfouz, chairman, National Exhibitions Company, organisers of Cityscape Jeddah, said: “Cityscape Jeddah brings together regional and international investors, developers, architects and designers, governmental authorities, key decision makers and senior executives involved in the design and construction of public and private real estate developments. These are the people who have the power to influence and shape the curve of Jeddah’s real estate market.”
The Real Estate Summit will focus on topics which include how to ensure a quality workforce; forecasts for the kingdom’s real estate sector; ways to mitigate against project cost fluctuations; emerging Saudi Arabian market niches with strong ROIs; and discussions on how to improve Saudi Arabia’s legal landscape for the property market.
The Cityscape Jeddah 2014 includes a mortgage clinic where professional advisors will help aspiring home buyers to learn about the new laws, what banks will ask of a mortgage candidate, what mortgage products are available, and what protection the law provides.
The Cityscape Awards for Real Estate in Saudi Arabia will be presented on May 5A highlight of Cityscape Jeddah 2104 will be Cityscape Awards for Real Estate in Saudi Arabia, which will be presented on May 5. It will recognise and reward industry professionals and companies that have shown outstanding real estate development and architecture for both built and future projects in the kingdom. - TradeArabia News Service