Esrar highlights role of real estate consultancy in property developments launched in line with Saudi Vision 2030
Esrar Real Estate recently put spotlight on the growing role of consultancy services in the growth of the property sector by fostering excellence, quality, and professionalism within the industry. Esrar’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.
The major real estate developers in Saudi Arabia have been partnering with real estate 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. The sector’s expansion is also being driven by the government program which aims to increase the rate of home ownership in Saudi Arabia to 70 per cent by 2030.
Mohamad Rabih Itani, CEO of Esrar, highlighted that the real estate sector has emerged as a strong engine powering the economic diversification policies of countries undergoing economic transformation. He noted that Saudi Arabia has been embarking on pioneering and transformational infrastructure modernization projects, in line with the “Saudi Vision 2030” initiative. Within this context, Itani emphasized 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 said: “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 Public Investment Fund of Saudi Arabia (PIF) is expected to reach SAR 4 trillion by 2025. 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.”
Itani emphasized that partnering with the right real estate developer is 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. 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 modernization and infrastructure development such as complexes, buildings, facilities, centers, warehouses, and many more.
He said: “At Esrar, we provide an integrated real estate consultancy services delivered by prominent experts and specialists from a wide range of fields such as financial, investment, construction and contracting sectors. By offering our services, we hope to contribute in making Saudi real estate market more competitive globally. Having a vibrant real estate market fast-tracks the Kingdom’s transformation into a thriving, more sustainable and resilient economy.”
Esrar has a global-level experience in the sector gained over the years in major growth markets around the world. The company has a proven track record of providing marketing and consulting services directed to meet the market needs of Saudi real estate. The company contributed to the success of a number of major real estate projects for elite clients, who are looking to obtain a high-quality real estate product at competitive prices and high investment returns.