The exhibition is the first real estate event to be held after Custodian of the Two Holy Mosques King Abdullah issued a decree on housing and real estate that has resulted in a number of developments and changes that are to transform the Saudi real estate market and identify new trends in the sector.
The Exhibition and Forum on Real Estate and Urban Development is being held with the support of Prince Mansour bin Miteb, minister of municipal and rural affairs.
A forum titled “Future of Real Estate Investment in Saudi Arabia and in GCC” will begin on Monday and will be held concurrently at the venue of the exhibition. Senior officials of relevant ministries and chambers of commerce and industry, heads of banks and selected investors will attend the forum.
Hussein Al-Farraj, general manager of Ramtan Exhibitions, the event’s organizer, described the show as the largest ever forum on real estate to be held in the Kingdom. It is a good platform for both investors and consumers who are interested in availing themselves of the competitive incentives offered for home finance projects.
Samer Farhoud, chief executive officer of Deutsche Gulf Finance, which has a separate pavilion at the event, said there has so far been a huge response from visitors for his company's home finance projects, which he said are Shariah compliant. “We are extending home finance to both locals and expatriates,” Farhoud said.
He said that visitors to the show who are interested in getting their home finance applications processed will be exempted from paying administrative and credit score fees amounting to some SR3,000.
“A program has been designed to meet the needs of expatriates residing in the Kingdom who wish to own their homes with a repayment period of up to 30 years with no need for a salary transfer; you only need to be at your current employer for three months to qualify,” Farhoud said.
He also spelled out other benefits, which include home insurance, exemptions from payment in case of death or disability, and possibility to make lump sum payments.
“The majority of residents in the Kingdom tend to rent during their period here. However, when they look at the benefits of purchasing, they think twice. It is an opportunity for all foreign residents to invest in the Kingdom and benefit from the growing real estate market,” said Khalid Alkhudair, head of Marketing and Communications at Deutsche Gulf Finance.
An official from the Injaz pavilion said the exhibition is one of the basic indicators of the Kingdom’s real estate market. He added that the participation of Injaz in this event is a good opportunity to connect with the real estate market and its investors, where all key players in the industry can exchange ideas and consensus on how to strengthen cooperation and invite joint investments for the benefit of the sector, particularly in view of the current growth of the real estate sector.
According to a recent study, the Kingdom needs 300,000 residential units every year over the next 15 years, a total of 4.5 million. In Riyadh, the lack of affordable homes is especially acute — there is a shortage of 225,000 residential units.
In a recent development, the Kingdom set up a separate ministry for housing to cater to the needs of the local population. The Shoura Council has also recently approved the mortgage law which would come into effect following the approval of King Abdullah who will sanction it when he receives the Council of Ministers’ approval.
