Global Muslim Investors Eye Saudi Holy Cities for Real Estate Opportunities | Kanebridge News
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Global Muslim Investors Eye Saudi Holy Cities for Real Estate Opportunities

Global Muslim High Net-Worth Individuals (HNWIs) are increasingly attracted to investing in properties within the sacred cities of Makkah and Madinah, influenced by significant visa and policy changes in Saudi Arabia, according to industry experts.

Tue, Mar 26, 2024 3:26pmGrey Clock 2 min

These cities, known for their deep religious significance to Muslims, are becoming hotspots for real estate investment, thanks in part to the introduction of the Saudi Premium Residency visa. This new visa type allows wealthy investors to gain long-term residency and benefits in the kingdom, potentially revolutionizing the real estate markets of Makkah and Madinah by increasing investment flows, as noted by Mansoor Ahmed, Executive Director and Head of Development Solutions, Healthcare, Education and PPP, at Colliers MENA.

Mansoor Ahmed, Executive Director and Head of Development Solutions, Healthcare, Education and PPP, at Colliers MENA

 

A Magnet for Spiritual and Financial Investments

Several factors contribute to the growing interest in real estate within these holy cities, including their religious importance, especially during Ramadan, and a strong desire for homeownership fueled by the Saudi Vision 2030 goals.

With the Premium Residency visas and other government initiatives easing access, investors find these opportunities both secure and appealing. Infrastructure enhancements and urban development projects further enhance these cities’ attractiveness for HNWIs looking for both spiritual and financial returns.

Anticipating a Real Estate Boom

A real estate investment surge is anticipated, with predictions of substantial residential demand in Madinah and a growing inclination towards luxury properties in both cities. Knight Frank’s reports highlight that global Muslim HNWIs are prepared to invest nearly $2 billion in these areas, with preferences leaning towards properties that offer views or proximity to the Grand Mosques.

This investment trend is also seen in the rising interest in off-plan properties, driven by the potential for competitive pricing and capital growth. However, challenges in meeting investor expectations regarding accessibility and inventory availability exist, presenting opportunities for innovative development strategies.

Additionally, there’s an emerging trend of terminally ill individuals seeking properties near these holy sites, highlighting the cities’ profound spiritual importance. This, along with the development of medical wellness resorts focused on religious and spiritual healing, underscores the multifaceted demand driving the real estate market in these cities.

Faisal Durrani, Partner and Head of Research at Knight Frank MENA

Expanding Opportunities in Saudi’s Real Estate Sector

The possibility of expanding property ownership laws to allow foreigners to own real estate in the kingdom, including Makkah and Madinah, aligns with Saudi Arabia’s Vision 2030, positioning these cities as prime global investment and lifestyle destinations.

This evolving landscape suggests a sustained demand for premium properties, propelled by religious tourism, policy incentives, and infrastructure developments, according to Faisal Durrani, Partner and Head of Research at Knight Frank MENA.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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