Gulf Construction Online - Spotlight on realty at Cityscape Riyadh

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Spotlight on realty at Cityscape Riyadh

01 October 2010

MORE than 50 domestic and international real estate firms are expected to participate in Cityscape Riyadh 2010, the first edition of Saudi Arabia’s premier real estate investment and development event to be held in the Saudi capital.

The event follows the huge success of Cityscape Jeddah 2010, held in June, which welcomed more than 9,500 participants. It will highlight the trends in housing and the commercial market while providing participants an opportunity to tap the extensive market reach of the Cityscape network, which comprises more than 350,000 global investors and real estate professionals.

The show, which will take place at the Four Seasons Hotel in Riyadh in December (12 to 14), will comprise three events: the Cityscape Riyadh Exhibition and Investor Round Tables (December 12 to 14), the Cityscape Riyadh Conference (December 12 to 13), and the Cityscape Riyadh Leaders in Real Estate Gala Dinner (December 12).
The Riyadh show aims to meet the huge demand for a real estate platform serving the kingdom’s Central Province, and with four months more to go, it has already booked almost 70 per cent of its exhibition space.

Retail space in the city of Riyadh is expected to grow from the current 2.3 million sq m to 2.9 million sq m by 2014 to complement the development of new suburban districts and support the emergence of a ‘New Riyadh’, according to Deep Marwaha, director of Cityscape Riyadh. “However, housing remains Riyadh’s main property segment, with total local inventory currently estimated at 900,000 units and prices expected to increase by around five to 10 per cent over the next two years.

“Retail property sales in Riyadh are being driven up by improving consumer confidence. Year-on-year point-of-sale transactions were up 22 per cent in April 2010 and the kingdom’s robust economy will help sustain this trend over the next few years,” he says.

“Cityscape Riyadh 2010 will give us a clearer picture of where the opportunities are and what strategies developers and investors should take as Riyadh overhauls its local infrastructure,” Marwaha adds.

Emaar Middle East has confirmed its participation at Cityscape Riyadh 2010 as its principal sponsor. The Asian Public Real Estate Association (APREA), the leading professional body of real estate practitioners in Asia, has also signed up for the event.