Need for aggressive property development programme in Saudi Arabia to be highlighted at expo
The fact that a million new homes will be needed in Saudi Arabia over the next five years will be the focus for the Kingdom's Cityscape property expo next month.
Analysts are predicitng that Saudi Arabia will take a leading regional role in real estate development and investment in the Gulf region.
Also high up on the agenda will be the impact of the global financial crisis on the region's real estate investment and development. There will also be an examination of the regulatory systems, legislation, mortgage law and the needs of the market.
'Anyone who doubts the potential for continued high levels of real estate investment and development in Saudi Arabia only has to examine some of the statistics,' said Deep Marwaha, Event Director of Cityscape Saudi Arabia.
'With a population of 25 million people growing at 2.5% a year, Saudi Arabia is set to double its population in 28 years. In addition, 40% of Saudi nationals are under the age of 20 and 70% under 30. If that is not enough, 65% of families currently don't own a home,' he added.
In addition, a new law, which will eventually allow mortgages for the first time, comes into effect later this year. Aggressive spending plans have also been announced for 2009 to take advantage of cheaper commodities such as steel which has fallen by 70% since last summer.
The organisers of the three day event from 14 to 16 June at the Jeddah Center for Forums and Events expect regional and international investors, real estate developers, government and development authorities, architects, designers, consultants and senior industry professionals to attend.
Also the Cityscape Real Estate Awards will take place on 14 June and are aimed at recognising the best architecture and real estate developments in the Kingdom.
The event will be opened by Dr Abdullah M. Bin Mahfouz, Vice Chairman of the Jeddah Chamber of Commerce and Industry, and this year's keynote speech will be on the Jeddah City Centre Development by HE Adel Faqeeh, the Mayor of Jeddah, and an address by Abdullah M. Hameedadin, the Deputy Governor of Economic Cities for the Saudi Arabian General Investment Authority.