The Real Estate Future Forum is an annual initiative established to spotlight the leading trends and challenges in the real estate sector. Since its founding, the forum has aimed to bring together thinkers and experts of various nationalities to exchange ideas and perspectives on the future of real estate. In its 2024 edition, the forum focused on new technology, sustainable investment strategies, and the economic shifts shaping the future of the real estate market in the Kingdom and the wider Arab region.

Highlights and Sessions

One of this year's standout sessions examined the impact of technology on real estate, exploring how modern technologies like artificial intelligence and virtual reality could transform the way properties are marketed and sold. Another session highlighted the importance of sustainability in real estate development, showcasing projects built on green construction principles and energy efficiency. A separate session unveiled striking market statistics — for instance, data showed demand for commercial real estate in Saudi Arabia rose 15% over the past year, while investment in residential real estate grew by 20%, reflecting growing interest in the sector.

Notable Speakers and Views

Among the forum's prominent speakers was economist Dr. Khaled Al-Zahrani, who offered an in-depth analysis of the impact of government policy on the market. He noted that government housing initiatives had helped raise the homeownership rate among Saudis by 10% over the past five years, and discussed future challenges and opportunities in the residential real estate sector.

Impact on the Real Estate Market

The forum also discussed the future outlook for the real estate market, presenting forecasts based on documented data and research. Projections suggest the Kingdom's residential real estate sector could grow by 25% over the next decade, reflecting anticipated demand growth alongside the rollout of major projects under Saudi Vision 2030.

Forum Outcomes

The Real Estate Future Forum 2024 concluded with a notable achievement, with more than 50 agreements and memorandums of understanding signed, worth a combined total exceeding SAR 100 billion. Over three days, the forum focused on new innovations in the real estate industry, highlighting emerging challenges, opportunities and trends in the sector, along with discussions on sustainable financing solutions and the impact of natural factors on the industry. The forum drew around 300 speakers from 85 countries, representing the public and private sectors alongside leading economists, investors and decision-makers, across more than 30 panel discussions and 25 workshops, in addition to an accompanying real estate exhibition.

During the launch, Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al-Hogail underscored the leadership's strong focus on the real estate sector, noting that real estate activities contributed 12.2% to non-oil GDP. Prince Turki bin Talal bin Abdulaziz pointed to ongoing efforts to turn each region's comparative advantages into competitive strengths under Saudi Vision 2030.

Minister of Justice Dr. Waleed bin Mohammed Al-Samaani announced the rollout of a real estate identity system to ensure transparency in property transactions. Minister of Tourism Ahmed bin Aqeel Al-Khateeb pointed to the expansion of major projects to develop the tourism sector and attract investment, while Minister of Human Resources and Social Development Eng. Ahmad bin Suleiman Al-Rajhi highlighted the significant rise in the number of Saudis employed in the private sector.