The second day of Cityscape International 2024 featured a tour by His Excellency Majid Al-Hogail, Minister of Municipalities and Housing, during which he visited the pavilions of several participating countries and learned about diverse global experiences in the housing and real estate development sectors. The tour took place in the various exhibition halls at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh, where the event continues through Thursday, November 14.
Review of Real Estate Services at Cityscape
His Excellency also reviewed the real estate services, housing solutions, and financing options offered by the participating entities at Cityscape—the world’s largest real estate exhibition, which the Kingdom is hosting for the second year under the patronage of the Ministry of Municipalities and Housing and in partnership with the General Real Estate Authority— and the Housing Program—one of the Vision 2030 initiatives—and organized by “Tahaluf,” a joint venture between the Saudi Federation for Cybersecurity, Programming, and Drones, the Investment Events Fund, and Informa Markets.
During the visit, Al-Hogail emphasized the importance of exchanging expertise and learning about the latest innovations to support the Kingdom’s Vision 2030 in increasing homeownership rates among citizens and providing integrated housing solutions that enhance quality of life, He also emphasized the Kingdom’s support for Saudi real estate developers and the creation of opportunities for international cooperation, noting that such partnerships represent an important avenue for boosting real estate investments, and to highlight Saudi Arabia’s advanced experience in supporting the real estate sector, developing the urban environment, and promoting sustainable urban development.
Meanwhile, mortgage contracts issued to beneficiaries of housing support programs recorded a 40% increase over the past two days of Cityscape Global 2024, while the total value of real estate financing rose by 54% compared to the same period last month.
Through its housing support program, the Real Estate Development Fund contributes to providing diverse financing solutions and benefits in partnership with financial institutions. These programs offer numerous competitive opportunities on the sidelines of the world’s largest real estate exhibition, including a minimum financing margin of 2.59%, as well as housing support packages that provide immediate, non-repayable support of up to 150,000 riyals.
These results demonstrate the effectiveness of strategic partnerships with financial institutions and real estate development companies in empowering housing support beneficiaries and bolstering the sector’s momentum toward diversifying housing products and financing solutions.
