The Saudi Real Estate Development and Ownership Exhibition "SIREDO 2024" concluded its events in Jeddah yesterday; highlighting numerous promising investment opportunities in the sector, sharing best practices and experiences among industry professionals, and strengthening local and international partnerships.
The workshops, presented by a select group of experts in real estate development analysis of recent market trends, the world of geospatial data and its impact on opening new horizons in real estate, as well as professional methods and techniques for real estate auctions. The exhibition serves as a platform bringing together leading real estate developers and provides companies with an opportunity to showcase their real estate products to industry experts and stakeholders and forge new partnerships.
For his part, the official spokesperson for the General Real Estate Authority, Taysir bin Muhammad Al-Mufarraj, emphasized the Authority’s role in overseeing the real estate market through monitoring operations and electronic surveys of violations in the real estate market via four main channels of market oversight; The first channel consists of major campaigns in which the Authority’s teams monitor real estate offices and companies to ensure compliance with the regulations Real Estate Brokerage Regulation, while the second channel involves the General Real Estate Authority collaborating with the Ministry of Human Resources and Social Development, the Ministry of Interior, and relevant authorities in joint oversight campaigns targeting a number of violations, such as violations of the Saudization policy, for example.
He added that the third track involves the electronic scanning of all real estate platforms and existing electronic channels, while the fourth track involves reports, as the Authority receives a large number of reports that are processed as a key channel for oversight and inspection to regulate the real estate market.
The ”Serido 2024” exhibition featured the participation of a number of major real estate development companies, banks, and financial institutions, which showcased the latest residential projects and financing offers for citizens, thereby contributing to the development and sustainability of the real estate sector, and increasing the variety of housing and financing solutions to help achieve the goals of the Housing Program—one of the Vision 2030 initiatives—by reaching the target of 70% for home ownership.
The exhibition’s events highlighted entrepreneurship and innovation in the real estate market, real estate funds, and negotiation skills for real estate brokers, with the participation of a select group of officials, speakers, and industry experts.
On the sidelines of the event, Rawasi Real Estate Company launched a real estate fund worth approximately two billion riyals to construct 9,000 residential units for the Ajdal Jeddah project, which spans an area of over one million square meters, with 70 % of its infrastructure already completed.
