" Reality Authority " for the Middle East " : significant interest of international investors in the Saudi market

The Saudi real estate market is entering a new phase of openness to international capital, driven by new regulations for non-Saudi ownership of real estate and defining the geographical scopes covered by ownership, in a step that strengthens the Kingdom’s efforts to consolidate its position as a global destination for real estate investment, amid increasing interest from international investors and investment funds. Government agencies and a number of real estate development companies are looking to attract investors to the Saudi market through the first edition of the “Saudi Luxury Real Estate Exhibition,” in a strategic partnership with the General Real Estate Authority, and a number of Saudi real estate developers, along with investors, family offices, and sector specialists from Britain and international markets.

Tayseer Al-Mufarrej, the official spokesman for the General Real Estate Authority, said that the Authority’s participation in the Saudi Luxury Real Estate Exhibition stems from its role in raising the level of awareness of the new real estate system, especially the system of non-Saudi ownership of real estate, which was recently approved in the Kingdom, in addition to introducing the geographical scopes of ownership. Al-Mufarrej explained in an interview with Asharq Al-Awsat that attendance at the exhibition goes beyond introducing the system to communicating directly with investors, answering their inquiries, and clarifying the path that the beneficiary goes through, whether he is a buyer, investor, or real estate broker, all the way to completing transactions related to ownership by non-Saudis. He pointed out that the “Saudi Real Estate” platform represents a main channel for real estate transactions related to the system, explaining that the Authority works through its platform to introduce investors to the “customer journey” and the mechanisms for dealing with the platform, which provides a clearer picture for those wishing to enter the Saudi market and benefit from the opportunities available there. Interest of international funds

The Authority was not limited to its pavilion at the exhibition, as it organized on its sidelines a series of workshops, sessions and round tables directed directly to investors, in cooperation with a number of government agencies and private sector institutions in Saudi Arabia. Al-Mufarrej revealed the organization of a round table dedicated to investors from international investment funds, at the Saudi-British Business Council, in an indication of the growing interest in attracting institutional capital to the Saudi real estate sector, in parallel with expanding the base of investors targeted by the new regulations. He said that these meetings provided an opportunity for direct dialogue with investors and listening to their inquiries regarding ownership mechanisms, available opportunities, and the nature of the market, at a time when the sector’s regulatory environment is witnessing transformations aimed at enhancing transparency and raising the market’s attractiveness to investors from inside and outside the Kingdom. Riyadh, Jeddah... Mecca and Medina

According to Al-Mufarrej, the Authority has shown a high level of interest in the non-Saudi ownership system, whether on the part of investors, visitors to the exhibition, or those searching for real estate in the Kingdom. He pointed out that interest is not focused only on Riyadh and Jeddah, but extends to Mecca and Medina, which receive special attention given their religious status and the nature of real estate demand there.