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Cityscape Jeddah 2019, the largest international real estate exhibition in ��������, saw strong visitor turnout for its three-day run at the Jeddah Center for Forums and Events.
Held under the patronage of the Minister of Housing Majed bin Abdullah Al-Hogail, the show, which opened Friday and ran through Sunday, hosted more than 50 exhibitors from six countries.
Commenting on Friday, organizers Informa Exhibitions said they anticipated substantial event growth for the 2020 edition.
“All the signs are encouraging,” said Mohaned Yaman, exhibition manager, Cityscape Jeddah. “The Saudi real estate market is undergoing transformation spurred by major government initiatives while exhibitors say Saudi investors remain committed to real estate as their main investment vehicle.”
“We are confident that the show will attract upwards of 8,000 interested buyers and that this event will experience substantial growth going forward because of positive market fundamentals aided by the opening of an Informa Exhibitions’ branch in ��������. The permanent Informa Exhibitions presence will tie us heavily into the Kingdom and enable us to provide ever keener insights into market developments and adjust our offering according,” Yaman added.
The Saudi government is looking to increase the property sector’s GDP contribution from 5 percent to 10 percent by 2020, reducing the average waiting period for citizens to obtain housing financing from 15 years to five.
The Cityscape Jeddah 2019 exhibitor profile included some of the biggest names within the local, regional and international segments including Arada Development LLC, Architecture & Planning Group (APG), Arton Capital, Global Citizenship Partner, Aldar, principal sponsor, City Edge, Diyar Al-Muharraq and MSQ Property.
Overseas developers looking to lure Saudi investment included Turkey’s Keleşoğlu, which is selling property in its Deniz Istanbul marina-front project, and Dubai-headquartered Arada, which made its Cityscape Jeddah debut and launched an entirely new type of real estate investment opportunity for the Gulf — Nest, a student housing complex in Sharjah lifestyle megaproject Aljada.
Also for the first time, Cityscape Jeddah included Egypt’s top real estate developers together with the Egyptian Ministry of Housing in a joint promotion of investment opportunities in their country.
Visitors to the exhibition also participated in workshops, where participants gained deep insights into the Saudi government’s strategic objectives.
Dedicated panel discussions looked closely at economic diversification and delved into the Kingdom’s tourism and hospitality agenda in line with Vision 2030.
“Cityscape Jeddah 2019 could well be remembered as a tipping point for the Saudi real estate investment sector and is definitely on course to fulfill its role of connecting people, cities and ideas,” added Yaman.