Cityscape Global: Connecting Saudi Vision with UK Property Prospects
(MENAFN– Savills) The recent Cityscape Global event in Riyadh was a pivotal gathering for real estate developers, service providers, and investors alike. It is important to recognise the relatively untapped potential of the burgeoning real estate market in Saudi Arabia, which is expected to grow from USD 64.43 billion in 2023 to USD 94.19 billion by 2028, as per Mordor Intelligence. Cityscape Global also served as a bridge between the thriving real estate market of Saudi Arabia and the promising investment opportunities in global markets such as the UK property sector.
Saudi Arabia’s real estate landscape has undergone a remarkable transformation driven by the Saudi Vision 2030, which aims to transform the economy, and thereby society. The local real estate market, with its residential and commercial offerings, has gained great momentum as a result of the Kingdom’s efforts to diversify its economy. This has led investors from Saudi and the wider region to invest in the Saudi property market, as well as globally, to diversify their portfolios.
One unique market that stands out for GCC investors globally is the United Kingdom. The country has the potential for a lucrative rental yield, provides world-class infrastructure, and offers an attractive property price point while also serving as a secure long-term investment. Investing in UK properties offers GCC and Saudi investors a chance to branch out their investments across international borders, which not only mitigates the risk but also allows them to benefit from economic trends and cycles elsewhere. The UK’s thriving cultural diversity, world-class educational institutions, and healthcare systems make it an ideal destination for Saudi families to relocate or choose it as a destination for a second home and to maintain proximity to younger family members attending one of the UK’s prestigious universities.
London, historically popular among the Middle Eastern audience, has plenty of excellent options to offer, as showcased at Cityscape. One of those projects is the Battersea Power Station (BPS), a new 42-acre mixed-use neighbourhood in Central London. It is interesting to note that Cityscape was the launch platform for Battersea Power Station when the project was initially announced. Another project that’s worth shining the spotlight on is London Square Nine Elms, which is set in landscaped gardens and will feature a collection of exquisitely designed apartments and penthouses with outstanding river views and sweeping panoramas across the capital. The $10.4 billion transformational waterfront project, Greenwich Peninsula project, was also showcased at Cityscape.
Saudi Arabia continues to be one of the primary trading partners for the United Kingdom in the Middle East region. Recently, there were discussions about boosting partnerships in the industrial and mining sectors as well. The two nations have also reviewed investment opportunities and explored ways to increase trade and develop non-oil exports. Riyadh has recently announced that it has committed $1 trillion in investments in the next seven years towards achieving global city status by 2030, and the first day of the event alone witnessed the launch of housing projects worth $17.32 billion. The event also saw $29.3 billion in real estate transactions in the Kingdom.
Riyadh had also made a successful bid to host Expo 2030, which is a solid testament of the country’s ambitions to revolutionise the local economy into a global one. This in turn will create more job opportunities, which will drive and attract new talent to relocate to Saudi Arabia, thus boosting the property market, raising demand for existing properties and dictating new developments for residential, office, and industrial spaces.
As the 4-day event of Cityscape Global convened in Riyadh, market leaders discussed the evolving dynamics of the local and global real estate landscape and were presented with numerous opportunities in real estate. The event was also a catalyst for bridging borders, making new business connections, and looking into the future of living. Saudi and GCC investors have truly unlocked a world of opportunities as Saudi Arabia’s real estate market continues its upward trajectory and opens new doors for investors to venture on a potentially high-yielding cross-border investment journey.
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