Reportage KSA, a leading real estate developer in Saudi Arabia, announced total sales exceeding SAR 350 million in 2024, a new proof the success to their expansion strategy in the Saudi market. “We continued to achieve outstanding performance over the past year, reflected in increased sales. This confirms our ability to keep pace with market changes and launch new projects that meet the needs of a diverse customer base,” said Islam Hammam, CEO of Reportage KSA. Hammam revealed the company's strategic expansion plan for 2025, which includes the launch of more than 7 new projects in Riyadh, in addition to expanding in Jeddah, in line with the growing demand for modern and integrated residential communities.He pointed out that the company aims to increase the scope of works…

Diriyah Company has announced the launch of its Media and Innovation District in the historic birth place of Saudi Arabia. Spanning 250,000 sq m of office GFA, the district will feature 450 residential units as well as 15,000 sq m retail space with a mix of dining options. The pioneering, future-focused hub, which was officially unveiled at the MIPIM property expo in Cannes, France, will redefine the kingdom's technology, media and communications industries by creating a dynamic new ecosystem within Diriyah, encouraging innovation and collaboration between local and global industry leaders. ​ According to Diriyah, the district will serve as a new home for global media networks, creative agencies, and professionals seeking a collaborative ecosystem with hitech infrastructure, designed…

Dar Global, the London-listed luxury real estate developer, has announced the launch of Trump Tower Jeddah, a SAR 2 billion ($531 million) architectural masterpiece being developed in partnership with the Trump Organization, thus bringing a new level of opulence and exclusivity to the Kingdom. Gracing Jeddah’s Corniche, this 47-floor tower will stand as one of the city’s tallest residential towers, introducing a new level of opulence and exclusivity to the Kingdom. Strategically located near other iconic landmarks, Trump Tower Jeddah is more than just a residential project, it is a lifestyle revolution. Among its highlights is the Trump Club, the Kingdom’s first-ever members-only social club slated to be the ultimate destination for the city’s elite. The club…

Saudi Arabia’s Bonyan REIT has completed the divestment of a residential property in Dubai and generated more than SAR 279.9 million ($74.5 million) in proceeds. The 69-unit Citywalk 2B in Dubai, initially acquired by the real estate investment traded fund during its inception for SAR 262.5 million, had generated a rental income of more than SAR 54.9 million throughout the investment period. The fund started divesting the units in the property in December 2022. It has recently finalised the exit, with total sales proceeds amounting to SAR 279,921,816, the REIT’s fund manager BSF Capital said on Wednesday. Bonyan REIT has allotted a huge chunk of the proceeds for the early prepayment of its Shariah- compliant loan. Established in 2018, the Saudi-listed Bonyan REIT seeks to…

RIYADH — Minister of Municipalities and Housing Majid Al-Hogail announced significant growth in Saudi Arabia’s real estate sector at the opening of Cityscape Global 2024, the Kingdom’s largest property event themed 'The Future of Living.'"The number of local real estate developers participating this year has doubled to over 100, alongside 69 international developers," Al-Hogail stated, attributing this increase to the continuous rise in real estate transactions, which have exceeded SR630 billion since the beginning of the year.He highlighted that this momentum has positioned real estate as a core driver of economic diversification in the Kingdom.The minister unveiled new strategic projects and agreements surpassing SR 180 billion —a 50% increase over last…

  Cityscape Global, the world's largest real estate event, opened its doors today (November 11) in the Saudi capital with an expanded focus on driving business-to-business (B2B) transactions, marking its second consecutive year under the theme "The Future of Living". Running until November 14 at the Riyadh Exhibition & Convention Centre, this year’s event grows to add on two new halls over 45,000 sq m, featuring various new segments, more than 150 hours of content, 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors, said the organiser Tahaluf, a joint venture of the Saudi Federation for Cybersecurity, Programming, and Drones, the Events Investment Fund, and global company Informa. Cityscape Global 2024 will offer real estate technology…

Reportage Properties, the leading UAE-based real estate developer, will be present to share in the activities "Cityscape Global 2024" exhibition, which is held in Saudi Arabia for the second year in a row, under the slogan "The Future of Life", at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh, from November 11 to 14.   "Reportage Properties" confirmed keenness to participate in the "Cityscape Global 2024" exhibition in Riyadh, which provides an important platform for investors, real estate developers, designers and innovators, to exchange experience and expertise and make deals, in addition to explore the most important real estate projects worldwide. During participation in the exhibition, Reportage will showcase their latest real estate projects inside…

Saudi Arabia's residential real estate market is witnessing solid growth with the number of new residential units and mortgages continuing to rise, in keeping with the country's homeownership target, according to S&P Global Ratings. The kingdom's thriving residential real estate market reflects strong growth fundamentals and a largely youthful population of over 35 million people, stated S&P Global Ratings in its latest report titled 'Saudi Residential Real Estate: The Market Is Booming.' In S&P’s view, Saudi Arabia's economic indicators and population growth will remain strong. "We believe that Saudi Arabia's economic indicators and population growth will remain strong, and that new household formation and declining interest rates will support the demand for…

RIYADH — The Jeddah Mayoralty, in collaboration with the relevant authorities, managed to reclaim 18 government land sites on the waterfront in North Obhur along the Red Sea coast, with an area exceeding 217,000 square meters, during the current week. This was part of the mayoralty's ongoing efforts to protect public property.   The total number of sites that have so far reclaimed since the start of the mayoralty's field campaign to remove encroachments accounted for 52 sites, covering a total area of 3.254 million square meters , the Saudi Press Agency reported. The mayoralty seeks to refurbish these sites and open them to be public parks.   The mayoralty stressed the continuation of efforts, in collaboration with the relevant authorities, to reclaim government land…

PIF-backed developer Roshn is engaging with international banks to raise up to SAR 2.6 billion ($666 million) in the first quarter of 2025 as it adapts to the changing market in Saudi Arabia. Discussions are ongoing with four international banks, including JP Morgan and Standard Chartered, Fahad Al Ghamdi, the firm’s executive director, treasury and insurance, told Zawya. In the shorter term, Roshn expects to raise SAR 18 billion in total from local banks by the end of 2024, with a SAR 9 billion credit facility with six Saudi banks announced last month. Roshn was originally founded to build 400,000 homes as part of Saudi Arabia’s Vision 2030 goal of 70% home ownership; the country reached 63.7% home ownership in 2023. Roshn has branched out into commercial and retail and…

  Riyadh: The General Authority for Statistics (GASTAT) has released the real estate price index for the third quarter of 2024, with figures indicating a 2.6% increase compared to the same period in the previous year.   The primary driver of the overall increase in real estate prices in Q3 2024 was the residential sector, which saw a 1.6% annual growth. This growth was attributed to a 1.6% increase in residential land prices, a 1.9% increase in apartment prices, and a 1.5% increase in villa prices.   The commercial sector also experienced significant growth, with a 6.4% increase in prices in Q3 of 2024 compared to the same quarter in the previous year. This was primarily driven by a 6.3% increase in commercial land prices and an 8.6% increase in building…

Saudi Arabia - Ardara Development Company, a wholly-owned unit of Saudi sovereign wealth fund PIF (Public Investment Fund) has announced that it has signed up top architectural firm OBMI and global partner Parsons for the development of its flagship AlWadi hospitality project. A transformative mixed-use waterfront development, AlWadi features well-designed residences, thriving commercial, and vibrant retail spaces, along with exhilarating entertainment outlets that aim to attract both locals and tourists year-round. Ardara (Arabic for Our Land, Our Home), will come up over a sprawling 2.5 million sq m, dedicating more than 30% of the project’s area as green open spaces, with 16 km of waterfront extending across the length of the project, and 17 km of sport trails and cultural…