Saudi Arabia Real Estate Market update | Kanebridge News
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Saudi Arabia Real Estate Market update

Saudi Arabia’s real estate market is expected to achieve a significant growth, over the next decade, fueled by the government’s substantial economic initiatives.

By Kanebridgenewme.com
Mon, Feb 5, 2024 11:30amGrey Clock < 1 min

The government’s initiatives are part of the Vision 2030 plan, aimed at shifting the economy away from oil dependency by investing in other major sectors. Such initiatives are likely to enhance the country’s real estate value, attracting property investors globally.

The Saudi Arabia Real Estate Market size is estimated at USD 69.51 billion in 2024, and is expected to reach USD 101.62 billion by 2029, growing at a CAGR of 8% during 2024-2029 period.

This market is highly known for its competitiveness, especially with the higher demand for new properties due to the growth in commercial activities and the increased numbers of real estate development companies operating nowadays.

Saudi Arabia has identified the housing to be one of the key projects of the real estate sector under Vision 2030. And the housing ministry announced its aim to build 300,000 housing units over the next five years, in partnership with the private sector, and together they have put a target of attaining a housing supply of 4.96 million residences by 2030, therefore they will need to build around 1.2 million additional homes during the next decade.

The focus of the Saudi Arabia’s office sector remains on Riyadh, where demand continues to surpass supply. The occupancy levels in Riyadh have increased in prior period, reaching 98.1% on average in past years.



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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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