Investment in the property sector will be in focus at a key event beginning this week in Saudi Arabia as the kingdom opens its property sector to foreign buyers next year.
Cityscape Global, which runs from November 17 to 20 at Riyadh Exhibition and Convention centre, takes place as the kingdom is taking greater efforts to position itself as a hub for property development.
The event will include the participation of top Saudi developers including Neom, Roshn, Qiddiya, Diriyah and New Murabba, all part of kingdom’s sovereign wealth fund, the Public Investment Fund, among others.
It comes after the kingdom updated its rules this year to allow foreigners to buy property in specific zones in Riyadh and Jeddah, with “special requirements” for home ownership in Makkah and Madinah. The new regulation will come into effect starting in January.
“The upcoming implementation of the law on real estate ownership by non-Saudis in 2026 will be a key catalyst for the next phase of market activity” after the launch of giga projects, Ramzi Darwish, head of Saudi Arabia at Savills Middle East, said.
“By allowing foreign ownership within designated zones in major cities, the new framework is expected to target a greater international investment and encourage more developers to launch projects that meet this demand.”
The new law is also expected to boost sales of property developers as well as increase property prices in the kingdom.
“While we anticipate a gradual and measured impact on sales and prices, the overall effect should lead in more matured markets within the kingdom, thereby broadening participation, deepening transparency, and positioning Saudi Arabia as one of the region’s most dynamic and globally connected real estate economy,” Mr Darwish said.
Saudi Arabia also introduced new land tax rules in August to spur the development of property projects and boost housing supply in kingdom.
As part of the measures, the kingdom increased the annual levy on undeveloped land to as much as 10 per cent of the value of a plot. The changes apply to plots measuring 5,000 square metres or more, within the approved urban boundaries, according to Saudi Arabia’s Ministry of Municipalities and Housing.
It also introduced fees of between 5 per cent to 10 per cent on long-term vacant buildings.
Prices are also seeing growth. Average apartment prices in Riyadh rose by 10.6 per cent year-on-year in second quarter of 2025 to reach 6,175 Saudi riyals ($1,646.6) per square metre while villa prices increased by 8.2 per cent to 5,470 riyals per square metre, according to a report by Knight Frank.
In Jeddah, average apartment prices in the second quarter rose 2.7 per cent annually to 4,324 riyals per square metre. Villa prices, meanwhile, increased 3.2 per cent to 5,040 riyals per square metre, the report found.
Amid the reforms, global property developers are also launching new projects in the kingdom to meet expected demand growth.
In September, London-listed property developer Dar Global announced the launch of its second Trump-branded tower in Jeddah, a mixed used development valued at $1 billion after unveiling Trump Tower Jeddah in 2024.
Cheval Collection, a London based property developer, will also be signing an agreement to launch a new project in Riyadh during Cityscape Global.
