Saudi Arabia’s real estate sector is booming, with over $48 billion in new projects announced at the launch of Cityscape Global 2024.

Minister of Municipalities and Housing, Majid Al-Hogail, noted the sector’s rapid expansion, revealing that the number of local developers at this year’s event doubled to over 100, alongside 69 international developers.

A surge in real estate transactions, totaling more than $167 billion since the start of the year, is driving this momentum.

He introduced new strategic projects and agreements valued at over $47.9 billion, marking a 50% increase from the previous year. This growth reflects strong leadership support in creating a sustainable and attractive investment environment.

To strengthen the sector further, the government is focusing on accelerating real estate refinancing. In collaboration with banks, the Saudi Real Estate Refinance Company aims to expand long-term financing options and grow the market to nearly $346 billion by 2030.

The General Real Estate Authority has also introduced more than 20 new regulations and certified over 60,000 real estate agents.