At the recent Riyadh Real Estate Future Forum, the Saudi Capital Market Authority announced a significant decision: for the first time, allowing non-Saudis to invest in listed real estate companies in Mecca and Medina. This move signifies Saudi Arabia's ongoing efforts to liberalize real estate policies, aiming to attract more foreign investors into the country's real estate market and promote the industry's growth.

According to statistics, the real estate transaction volume in Saudi Arabia reached 277 billion Saudi Riyals (approximately $73.87 billion) in 2023, marking a 24% increase from the previous year. Of particular note is that foreign investment accounted for 30% of the total development investment, demonstrating the attractiveness of the Saudi real estate market to global investors. Additionally, the Saudi real estate fund business is rapidly expanding, currently managing around 170 billion Riyals in assets, becoming an integral part of the Saudi financial market.

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The CEO of the Saudi Real Estate General Authority emphasized the significant contribution of the real estate industry to the national GDP. Minister of Human Resources and Social Development, Ahmed Al-Rajhi, also pointed out that real estate development is a key force in creating job opportunities and promoting industry advancement, stimulating comprehensive activity in the construction sector, supply chains, building material trading, and engineering fields. According to projections from the Saudi General Authority of Statistics, real estate development investment is expected to increase to 500 billion Saudi Riyals (approximately $133 billion) by 2030.

However, the housing market in Saudi Arabia also faces challenges. The population growth rate exceeds the construction speed of new housing units, leading to housing shortages in cities like Riyadh. In 2023, apartment rents rose by 23%, and it is expected that the population growth rate will further accelerate, exacerbating the tense housing market situation. To address this issue, the Saudi National Housing Company plans to develop 15 multifunctional residential areas by the end of 2025, constructing 300,000 housing units to provide more housing options.

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In addition to facing challenges, Saudi Arabia is actively promoting urban development. In future planning, Riyadh is set to build the cubic city of Mukaab, which will integrate high technology, industrial fusion, and eco-friendly living, bringing new momentum to local culture and technological development.

It is worth mentioning that the Saudi government's "Vision 2030" plan, introduced in 2016, aims to transform Saudi Arabia from an oil-dependent economy to a diversified modern economy. At the core of this vision is massive investment in infrastructure and real estate projects, with total investments in infrastructure and real estate projects reaching 4.13 trillion Riyals (approximately $1.1 trillion). By 2030, the Saudi government plans to increase the national homeownership rate to 70% by constructing new housing and providing housing loan support, improving the living conditions of citizens.