Abdullah bin Saud Al-Hammad, CEO of the General Authority for Real Estate, confirmed that real estate technologies are witnessing rapid growth driven by the increasing reliance on artificial intelligence in developing real estate solutions and managing projects.
During his speech at the opening of the Global Robotics Summit on Sunday, Al-Hammad revealed that global investments in AI-powered real estate companies reached $630 million in 2023, noting that the Kingdom has already begun attracting a portion of these investments to the local market, as part of its drive to localize real estate technologies and transform creative ideas into practical solutions that enhance market efficiency and transparency.
The head of the Real Estate Authority added that the value of the global real estate technology market exceeded $86 billion in 2024, and is expected to exceed $133 billion by 2032, stressing that this accelerated growth represents a radical transformation in real estate value chains and in the methods of financing, management and marketing within the sector.
The Global Proptech Summit , organized by the General Authority for Real Estate in strategic partnership with NHC Innovation, kicked off today, Sunday, in Riyadh. The summit, themed “Innovation for a Sustainable Future,” is sponsored by His Excellency the Minister of Municipalities and Housing, Chairman of the Board of Directors of the General Authority for Real Estate, Mr. Majid bin Abdullah Al-Hogail. It features the participation of a number of specialists in the real estate and real estate technology industry, and more than 100 speakers representing 85 countries who share their experiences, expertise, and perspectives with thought leaders, as well as CEOs of major real estate and real estate technology companies and investors from around the world.
