Aqeel said that the city’s housing needs, estimated to be nearly a million houses, offered a golden opportunity for investors.

“They should make use of this opportunity,” he said while formally opening the exhibition, running in its eighth year. A total of 51 exhibitors, including 20 from Egypt and two from Yemen, are taking part in JIREX 2010.

Major real estate companies and financial firms like Saudi Binladen Group, Shamla, Dar Al-Tamleek, Al-Fageeh Real Estate and Inma Bank are taking part in the exhibition.

Ahmad Al-Muhandis, chairman of Al-Jeel, the organizer, said this year’s exhibition had special significance as it was taking place after November’s flood that proved catastrophic for the residents of east Jeddah. Now everyone wants to live in new Jeddah, meaning the northern part for the city that of late is seeing massive development. 

“This has pushed the property prices up in Jeddah,” he said.

Ahmad Al-Fageeh, general manager of Al-Fageeh Real Estate, which has been taking part in the exhibition since it started eight years ago, said JIREX has a special significance for his company.

“It is meant for end-users. It offers individuals to come and choose the villas, flats and plots on offer. It directly connects developers and individual buyers with the opportunity to interact and get the latest information on housing and financing options. It is very useful for us,” he said.

Al-Fageeh was hopeful of renewed boom in property market once the much awaited mortgage law is passed. According to recent reports, the law, which has been in the planning stages for almost a decade, is likely to be passed in a few months time. 

The implementation of the law is expected to drive Saudi housing demand and prices as more people have access to the market.

Al-Fageeh said right now Saudi laws are not clear, which discourages people in investing in property market. Among the exhibitors is Global Real Estate Company, which has come to the exhibition for the fourth time in a row.