Business & Money | Saturday 30 March, 2019 2:29 am |

 Increasingly sophisticated Saudi Arabian real estate buyers are demanding Islamic financing options and a high-tech approach to project marketing, according to exhibitors due at Cityscape Jeddah 2019 – the largest trade show for the development segment within the Kingdom’s commercial capital, held under the patronage of His Excellency Majid bin Abdullah Al-Hogail, Saudi Arabia’s Minister of Housing.

The scaled-up financing and visualisation approach is being sought for projects both inside and outside the Kingdom with leading developers ready to meet the challenge.

Turkey’s Keleşoğlu, which is behind some of the country’s most luxurious property commercial and mixed-use developments, says Saudi buyers are increasingly eyeing investment in overseas real estate with Islamic financing solutions as the preferred payment modes.

“Saudi buyers don't like interest rates, they like to deal with Islamic Banks so providing finance from those banks can be helpful,” said Kelesoglu’s Dursan Keles.

At Cityscape Jeddah, which will run at Jeddah Centre For Forums & Events from April 5-7, Kelesoglu will be selling investment in its Deniz Istanbul marina-front project, the greenest in the bustling Turkish tourism capital with almost 80% landscaping. Kelesoglu is reporting keen Gulf interest in the family-oriented development.

“We are receiving significant demand from GCC countries, especially from KSA, perhaps because it’s the only project with a marina at the Marmara seaside and we will be providing special financial options for our clients,” explained Keles.  

Meanwhile, Belgium’s Nanopixel, a European leader in high-end 3D visualisation and interactive applications, says developers are turning to advanced technology to capture the attention of a highly discerning marketplace within the Kingdom.

“They want photorealistic 3D visualisations, animated films, product configurators, VR, AR, XR and sales applications all with one goal in mind: defying the limits of imagination to provide a realistic experience of their product or service,” explained Dietrich De Blander, CEO. 

De Blander has dubbed the Saudi market as “extremely promising” and with a will to “exceed peoples’ wildest expectations in terms of real estate, architecture and innovation. Saudi Arabia is really the place to be right now.”

And the Belgian CEO is confident the Kingdom’s real estate sector will be a keen beneficiary of the country’s economic diversification programme. “Every single government decision in terms of shifting the Saudi economy away from oil is of huge benefit for the real estate market because all kinds of infrastructure and leisure real estate needs to be built across the country. Whole new futuristic cities are being planned in the desert. Any initiative safeguarding the future of Saudi Arabia is helping the real estate market,” added De Blander.  

At Cityscape Jeddah, Nanopixel will roll-out its award-winning Showreal product – a combination of software, hardware and 3D visualisation - which supports developers’ sales efforts. 

“Through the Showreal touch and feel component on a life-sized video wall, customers can view apartments and units, so they get a very complete picture of a project even before it’s there,” explained De Blander. “The advantage for the developer is that the customer is better informed and is quicker to buy.” 

Some 50-plus exhibitors are lined up for Cityscape Jeddah with a number of exhibitors looking to roll-out major new projects to over 8,000 visiting prospective buyers.

Informa Exhibitions, which organises the show, says its associated Cityscape Jeddah workshop, which runs on April 7th, will also give prospective investors and developers deep insights into the Kingdom’s market current and future.

“The workshop has been specifically designed to give delegates unrivalled insights into the government’s strategic objectives which will impact the real estate and development landscape,” explained Mohaned Yaman, Senior Exhibition Manager, Informa Exhibitions. “There will also be dedicated panel discussions focused on economic diversification and the Kingdom’s expanding tourism and hospitality sector. It is a platform where Cityscape’s mantra of connecting people, cities and ideas will be realised.” 

Aldar is this year’s Principal Sponsor, Global Citizenship Partner is Arton Capital, and real estate experts JLL, and suppliers Kohler – are Gold Workshops and Awards Sponsors