JEDDAH: Saudi Arabia’s property market is creating new opportunities for developers, investors and businesses as urban expansion drives the development of larger, integrated destinations and new forms of private-sector participation. The sector’s changing dynamics are being discussed at the fifth Saudi Real Estate Development and Ownership Exhibition, which opened at the Jeddah Superdome on Sunday and runs until Sept. 8. The event brings together government entities, developers, investors, financial institutions and property-sector service providers to showcase residential and commercial projects, financing solutions and other market offerings. Abdulrahman Al-Tawil, deputy minister for housing supply stimulation and real estate development at the Ministry of Municipalities and Housing, inaugurated the exhibition and toured participating pavilions. The program includes a panel discussion on urban development, sustainable construction, real estate investment, financing and emerging technologies. Participating in the exhibition for the first time, Hamid Al-Rajawi, chairman of New Event Development, said the company operates in Egypt and Turkiye and is expanding in Saudi Arabia, with projects in Jeddah and plans to enter Riyadh. “We have projects in Haramain, Obhur and Durrat Alarous, and then we are going to Riyadh. With Saudi Vision 2030, there is a strong focus on the events sector, creating opportunities for companies like ours,” he said. At the exhibition, ROSHN Group highlighted MARAFY, its waterfront development in northern Jeddah, showcasing investment and development opportunities within the master plan. MARAFY spans more than 9.3 million sq. meters and is being developed around an artificial waterway connected to the Red Sea through Obhur Creek. ROSHN is the master developer, with other companies involved in individual projects within the wider master plan. These include residential developments in Alarous, a ROSHN master-planned community along the MARAFY waterway. Alarous is expected to include 18,000 residential units, while the wider development is planned to accommodate more than 70,000 units and eventually more than 225,000 residents. As more projects and investment opportunities emerge, legal specialists are stressing the importance of due diligence for property buyers. Saad Abdullah Al-Qasim, a lawyer and legal counsel at Osus Law Firm, said his firm was participating in the exhibition to advise people considering property purchases, including apartments and villas. “Buyers should verify the legal status of the company, establish who owns the property and make sure the person signing the contract has the legal authority to do so,” Al-Qasim said. He recommended checking commercial registration and ownership documents before signing, as well as reviewing payment terms, delivery dates, guarantees and penalties for delays. Buyers should also confirm whether the company selling or marketing the property is the actual owner, he said.“Sometimes the property is owned by an individual, while the contract is with a company. So make sure you are dealing with the right party that has the right to sell the property.” He also advised buyers against transferring money to personal accounts and recommended seeking legal advice before signing an agreement.