The year 2014 is all set to witness huge achievements in the Saudi real estate industry, especially the housing sector in which the private sector is now playing a greater role in supporting the government’s initiatives.

Experts from Saudi Arabia and the region will discuss the challenges and opportunities awaiting the real estate sector at the Cityscape Jeddah 2014 — the 5th annual Jeddah urban development and real estate investment event — which is to be held with the support of Jeddah Gov. Prince Mishaal bin Majed on May 4-6 under the theme, Kingdom on the rise.

The Kingdom really is on the rise and the real estate sector is expected to benefit from the huge funds injected by the government into the housing market, such as the decision to further support housing by allocating SR250 billion to construct 500,000 units.

Also, after years of planning and continuous hard work, the Ministry of Housing’s efforts have started to pay off and tangible results have begun to surface, including the launch of the eligibility rules and Iskan gateway last week, which will reveal the real size of the housing problem and who really needs support from the ministry.

Another factor that will boost the real estate market is the availability of home mortgages enabling individuals and families to become homeowners. Furthermore, massive investment in mega infrastructure projects such as the economic cities and general transportation plan are giving an even bigger boost to the sector.

Riyadh Al-Thagafi, CEO of Ewaan Global Residential Company, said: “We expect to see new market dynamics in 2014, especially with the efforts the Ministry of Housing are making to spin the wheel of development. Developers from across the Kingdom have been recently engaged in a series of meetings with the ministry discussing means of collaboration to solve the housing shortage estimated at 200,000 units a year.”

Attracting global interest in the Kingdom’s buoyant real estate sector, Cityscape Jeddah expects an estimated 8,000 visitors to attend the three-day event that presents developers from Saudi Arabia and the GCC with a platform to showcase new projects and connect with customers and industry professionals.

In addition, a two-day Jeddah Real Estate Summit workshops have been organized alongside the exhibition. The summit has become the premier forum where regional and international leaders meet to discuss growth and investment strategies, along with the most recent innovations and developments in the real estate sector.

Abdullah bin Mahfouz, chairman, National Exhibitions Company, organizer of Cityscape Jeddah, said: “Cityscape Jeddah brings together regional and international investors, developers, architects and designers, governmental authorities, key decision-makers and senior executives involved in the design and construction of public and private real estate developments. These are the people who have the power to influence and shape the curve of Jeddah’s real estate market.”

The Real Estate Summit this year is going to focus on topics, including how to ensure a quality work force, forecasts for the Kingdom’s real estate sector, ways to mitigate against project cost fluctuations, emerging Saudi market niches with strong ROIs, and frank discussions on how to improve the Kingdom’s legal landscape for the property market.

Adding something new this year, Cityscape Jeddah 2014 includes a mortgage clinic where professional advisers will help aspiring home buyers to learn about the new laws, what banks will ask of a mortgage candidate, what mortgage products are available, and what protection the law provides.

A highlight of Cityscape Jeddah 2014 will be Cityscape Awards for Real Estate in Saudi Arabia, which will be presented on May 5. The awards are a prestigious annual event that recognize and reward industry professionals and companies who have shown outstanding real estate development and architecture for both built and future projects in the Kingdom.

Supporting the vision for growth in the real estate industry, the event is supported by Sumou Real Estate as principal sponsor, Ewaan Global Residential Company as founding sponsor along with Sobah Hartland and Flash properties as gold sponsor.

“There is no doubt that Cityscape Jeddah is the leading real estate event in the Kingdom, supporting the government’s vision for growth in the real estate industry, highlighting iconic architecture and innovative development and providing direct access to the region’s biggest real estate market — Saudi Arabia,” the organizer said.