RIYADH: Saudi Arabia is boosting its real estate and infrastructure development initiatives to fulfil rising demand and improve the quality of life in key regions such as Asir and Makkah, according to top authorities. These programs, aligned with Vision 2030, seek to increase tourism, attract investment, and improve liveability for inhabitants and visitors. During a panel at the Real Estate Future Forum in Riyadh, Abdullah Al-Jali and Musad Al-Daood, mayors of the Asir area and Makkah, respectively, discussed their municipalities’ strategies for achieving these goals.
Al-Jali emphasised the untapped potential in the Asir region’s real estate industry, stating that “currently, 90 percent of the real estate market is concentrated in Riyadh, Jeddah, and other major cities, leaving the remaining regions with only 10 percent market share.”
He went on to say, “What we’re seeing now is a developing opportunity, driven by rising tourism demand in the Asir region. “This surge in demand is putting significant pressure on the real estate market, both now and for the future.” The mayor of the Asir region emphasised the importance of attracting more investment in the coming years to fulfil expanding demand.
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