Real estate consultancies 'playing key role in Saudi property boom'

The sector’s expansion is also being driven by the government programme

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

Image used for illustrative purpose. A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017.

REUTERS/Faisal Al Nasser
Real estate consultancy has been the major driving force behind the construction and property boom in Saudi Arabia, according to Esrar Real Estate, a leading provider of marketing and consulting services in the kingdom.
Esrar Real Estate was highlighting the growing role of consultancy services in the growth of the Saudi property sector by fostering excellence, quality, and professionalism within the industry.
The company's strong emphasis on real estate consultancy comes against the backdrop of rising mega property projects in Saudi Arabia, driven by Saudi Vision 2030, which aims to make the kingdom a pioneering global investment hub as part of its bid to build a more diversified, resilient and sustainable economy.
According to Esrar, the major real estate developers in Saudi Arabia have been partnering with property consultants for professional and integrated solutions.
Consultants also encourage investor engagement and proper planning for choosing the most suitable investments. Through consultancy, investors gain access to key data, including technical specifications, pricing and marketing, that will enable them to make a more informed decision.
Real estate consultancy services in Saudi Arabia are gaining traction, providing a boost to large-sale real estate projects that are vital to the kingdom’s comprehensive growth and development. Consultants in the field are critical to reducing risks and possibility of errors that may cause huge resource losses.
Real estate developments in the kingdom are accelerating as the government plans to turn Riyadh into one of the 10 largest economic cities in the world by adopting a capital development strategy.
It will be achieved by doubling the size of the capital city to accommodate 15 million people, said the top expert.
The sector’s expansion is also being driven by the government programme which aims to increase the rate of home ownership in Saudi Arabia to 70 per cent by 2030, it added.
Esrar CEO Mohamad Rabih Itani said: "The real estate sector has emerged as a strong engine powering the economic diversification policies of countries undergoing economic transformation."
Saudi Arabia, he stated, has been embarking on pioneering and transformational infrastructure modernisation projects, in line with the Saudi Vision 2030 initiative.
"Within this context, Itani emphasised the necessity to reinforce the real estate sector to ensure it can keep up with market changes. Through real estate consultancy services, risks and losses can potentially be reduced as success in desired investment returns is achieved" he added.
According to him, real estate consultancy has proven its role as a driving force behind the booming real estate and construction sectors in the kingdom.
"The service is significant as the value of the assets of the Saudi Public Investment Fund (PIF) is expected to balloon to SR4 trillion ($1.06 trillion) by 2025," noted Itani.
"Undoubtedly, the large-scale property projects in Saudi Arabia are driving the demand for real estate consultancy services which, in turn, foster professionalism and competitiveness within the local property market. A vibrant real estate contributes to the economy and society," he added.
Itani pointed out that partnering with the right real estate developer was one of the key preliminary steps before implementing real estate projects.
It requires a thorough and comprehensive study which entails the services of real estate consultants, he stated.
These consultants add value to the local industry which supports other economic sectors such as tourism, hospitality, trade, retail, industry, entertainment as well as logistics through modernisation and infrastructure development such as complexes, buildings, facilities, centers and warehouses, he added.

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