Talat Moustafa Group Saudi Arabia has begun construction on “Banan City,” a large-scale smart city project located northeast of Riyadh. The announcement comes just two months after the company launched a significant advertising campaign promoting the development.       Construction activity is already underway on the 10-million-square-meter site, with hundreds of heavy machinery units deployed to meet project deadlines. TMG emphasizes its commitment to delivering units to future residents on schedule and ensuring the provision of essential services within the city.   The major advertising campaign for Banan City launched in May 2024 and featured prominent media personality Waleed Al-Faraj and Egyptian actor Karim Abdel…

The Saudi Real Estate General Authority (REGA) has stressed the importance of adequately documenting real estate contracts in all transactions. This is crucial for upholding the rights of all involved parties, minimizing real estate disputes, and improving the quality of transactions to promote sector growth and sustainability. REGA provides real estate documentation services through its approved digital platforms for individuals and establishments. The aim is to regulate real estate transactions, protect beneficiaries, boost market confidence, stimulate real estate activity, increase awareness among real estate professionals, and introduce real estate services, regulations, and legislation. This is achieved through real estate initiatives, organizing forums, and participating in…

Average rental rates across Riyadh’s retail market have risen by 3% to SR2,725 ($727) psm for both regional and super regional malls in the last 12 months, while occupancy rates across the retail market rose by 5 percentage points to 90%. According to global property consultancy Knight Frank’s Summer 2024 Saudi Arabia Retail Market Overview, the total existing retail supply in Riyadh stands at 3.6 million sq m, with around 27,050 sq m of retail space entering the market in Q1 2024. Knight Frank forecasts that the capital’s retail stock will grow by 28% to 4.6 million sq m by 2026. In contrast to the capital, Jeddah and the Dammam Metropolitan Area (DMA) have experienced subdued retail market growth in the last 12 months with occupancy rates dropping by 1 percentage…