I believe that, for many years, we have been mistaken in the way we view real estate. We used to measure it by land prices, construction costs, supply and demand, and return on investment—all of which are important indicators, but they don’t paint the full picture.
Because real estate, in my opinion, is not merely a financial asset... It is a reflection of a city. Therefore, the question worth asking is not: How much is this land worth?
but rather: What gives it its value?
The ready answer is often: location.
But location is not an explanation—it is a result.
Location gains its value when the city around it changes—a new road, a transit station, a university, a hospital, a business district, or an improvement in quality of life… All of these are factors that reshape the value of the place before it is reflected in the value of the property.

This is why neighborhoods built decades ago may retain their value, while newer developments may decline in value; the difference lies not in the age of the building, nor in the cost of the project, but in the quality of the location. Consequently, I believe the question that must precede any investment decision is not: "How much does the land cost?"
but rather: "What will make this place more valuable in ten years?"
The answer to this question is what distinguishes someone who buys land from someone who invests in a city.
For this reason, the success of a real estate project is not measured solely by how quickly it sells or by the amount of revenue it generates, but by its ability to add real value to the place where it is built. A successful project does not merely take advantage of the city; it contributes to making it better.

Today, with major urban transformations taking place in the Kingdom, competition among cities is no longer about the number of projects, but rather the quality of the spaces they create.
I believe this is the true transformation the real estate sector is undergoing.
The most important question will not be: How much will we build?

Rather: What will we add?
Real estate doesn’t start with the land… it starts with the place.
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