EXCLUSIVE: Saudi's ROSHN records SAR1.5bn in real estate sales during four-day event
Saudi Arabia's ROSHN Group recorded sales of SAR1.5 billion worth of property in four days. The sales took place at the Resatex exhibition in Riyadh.
The record-breaking number was driven by the launch of ALMANAR, ROSHN's first integrated community in Makkah, and the release of new homes in SEDRA, its flagship development in Riyadh.
Held from 17 th to 20 th of February in Riyadh, Restatex attracted thousands of Saudi consumers eager to invest in off-plan properties. ROSHN capitalised on this demand by announcing the sale of 727 homes in the first phase of ALMANAR and over 400 new homes in SEDRA.
ROSHN's ALMANAR drives success
Both the first and second releases of ALMANAR sold out within just two days, while units in SEDRA also moved swiftly.
ROSHN Group recently held a groundbreaking ceremony for ALMANAR, marking the launch of its inaugural fully integrated residential community in Makkah. The event, held under the patronage of Prince Khalid Al-Faisal, advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region, was attended by prominent figures, including the Mayor of Makkah Musad Aldaood, CEO of the Royal Commission for Makkah City and Holy Sites Eng. Saleh Al-Rasheed, and Acting CEO of ROSHN Group Dr. Khalid Johar.
Spanning 21 million square meters and featuring more than 33,000 residential units, ALMANAR is designed to be a vibrant, people-centric community. It will provide residents with easy access to essential facilities, including schools, mosques, shopping centers, and healthcare services. The community also features open spaces, recreational areas, and expansive green zones, promoting a healthy and connected lifestyle.
Johar said: 'We are thrilled to bring our vision of new way of living to Makkah for the first time, offering the highest standards for a vibrant and integrated community on the doorstep of the holy city that meets all residents' needs. With ALMANAR community, we honour the region's rich architectural designs while embracing nature, providing residents the chance to embrace a healthy lifestyle. The sales launch of the first batch of ALMANAR community underscores our commitment to developing exceptional destinations that cater to the diverse needs and aspirations of the Kingdom's residents, aligning with Vision 2030 objectives for homeownership and quality of life.'
Saudi property prices soar
The surge in sales is reflective of Saudi Arabia's booming housing market. According to Knight Frank, property prices in Riyadh have seen significant growth, with apartment prices rising by 62 per cent and villa prices increasing by 37 per cent over the last three years.
With population growth fueling demand, the country will need to construct 115,000 homes annually over the next six years.
ROSHN's strategy to boost sales through digital channels also played a pivotal role. Late last year, the Group announced that 50 per cent of its sales were conducted digitally via its website and mobile application.
This digital-first approach was integral to the success at Restatex, as both ALMANAR and SEDRA were marketed online alongside the event.
In Riyadh, the new batch of homes in SEDRA continues to enhance ROSHN's primary community offering in the capital city.
Shaun Macnamara, ROSHN Group's Executive Director for Sales said: 'We have had two launches within Restatex. ALMANAR is an integrated community that we are bringing to Makkah, while the new batch in SEDRA enhances our offering there, offering more unit availability.'
Saudi Arabia's real GDP growth showed signs of recovery in 2024, with quarterly GDP rebounding from -4.3 per cent in Q4 2023 to 2.8 per cent in Q3 2024, reflecting strong momentum in tourism, real estate, and construction.
The KSA real estate price index rose by 2.9 per cent year-on-year in Q3 2024, driven by a 1.6 per cent increase in residential land prices and a 6.4 per cent rise in commercial sector values.
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