Saudi Real Estate Exhibition Shatters Records with $61 Billion in Deals

2024-11-18 global

Riyadh, Monday, 18 November 2024.
Cityscape Global 2024 in Riyadh doubled its previous year’s performance, marking a pivotal moment in global real estate. The event showcased unprecedented growth with 426 exhibitors across 121,000 square meters, equivalent to 97 Olympic pools. A single North Riyadh land parcel set a Guinness World Record at $979 million, highlighting Saudi Arabia’s booming property market.

Unprecedented Growth and Participation

Cityscape Global 2024 concluded its four-day event at the Riyadh Exhibition & Convention Center on November 17, 2024, achieving an astounding $61.3 billion in real estate transactions. This figure more than doubled the previous year’s total, underscoring the exhibition’s growth and significance in the global real estate sector[1]. The event saw a remarkable 61% increase in exhibition floor space, expanding to 121,000 square meters, and an impressive 37% increase in the number of exhibiting companies, totaling 426. This expansion was further enhanced by a 47% rise in international exhibitors, illustrating the growing global interest in Saudi Arabia’s real estate market[2].

Record-Breaking Transactions and Strategic Agreements

Cityscape Global 2024 was marked by significant transactions and strategic agreements. The first day alone saw major launches valued at SAR180 billion ($48 billion), with strategic agreements surpassing SAR30 billion ($8 billion). This robust activity highlights the dynamic nature of the Saudi real estate market[2]. A standout transaction was the sale of a 600,000 square meter parcel of land in North Riyadh for SAR3.68 billion ($979 million), setting a new Guinness World Record for the highest-value auction lot. This transaction not only underscores the market’s vibrancy but also reflects investor confidence in Saudi Arabia’s economic vision and development initiatives[3].

Innovation and Future Prospects

In addition to real estate transactions, Cityscape Global 2024 emphasized innovation and future growth. The event hosted the Cityscape Innovation Challenge, featuring over 200 startups from 37 countries, with the top six finalists competing in a shark-tank style finale. Winners included Hydraloop for ESG Solutions, Valocity for Smart Solutions, and PlanRadar for Construction Technology, showcasing the event’s commitment to fostering innovation in the real estate sector[4]. The ROSHN Hackathon, another highlight, awarded SAR1.5 million across three categories: Green Spaces, Social Impact, and Operation Efficiency. These initiatives align with Saudi Arabia’s Vision 2030, focusing on sustainable and smart urban development[5].

Looking Ahead

Cityscape Global 2024’s success reflects Saudi Arabia’s strategic emphasis on diversifying its economy and enhancing its real estate sector. With over 172,000 attendees, the event has set the stage for continued growth and development, both domestically and internationally[2]. The upcoming Cityscape Global 2025, scheduled for November 10-13, 2025, promises to build on this year’s achievements, further solidifying Saudi Arabia’s position as a key player in the global real estate market[6].

Sources

real estate cityscape global