Saudi Arabia embarks on a large-scale housing construction wave, opening up the real estate market to global investors.

The largest real estate industry exhibition in the Middle East was held in Riyadh, the capital of Saudi Arabia, from the 17th to the 20th. It is reported that by 2024, the real estate economy will account for more than 16% of Saudi Arabia's real GDP, with financing exceeding 850 billion Saudi riyals, equivalent to approximately 1.6 trillion yuan. The Saudi National Housing Company has invested more than 140 billion Saudi riyals, approximately 270 billion yuan, in residential development. Saudi Arabia hopes to increase the national homeownership rate from 63.7% in 2023 to 70% by 2030. In the coming years, the scale of real estate construction in Saudi Arabia will continue to expand. Saudi Minister of Urban and Rural Affairs and Housing, Hugail, stated that from now until 2030, Saudi Arabia's five major cities will need over 1.5 million residential units. Reports indicate that the housing transaction volume in Saudi Arabia exceeded 20 billion USD in the first half of this year. In July of this year, Saudi Arabia approved a new law that will allow foreign citizens to purchase properties in designated areas starting from January 2026, and encourages global investors to participate in the Saudi real estate sector.