Saudi Arabia's Real Estate Visa Program Attracts International Investors | Kanebridge News
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Saudi Arabia’s Real Estate Visa Program Attracts International Investors

Saudi Arabia’s introduction of a new real estate visa is set to significantly enhance investment opportunities in the country, according to the Knight Frank Destination Saudi report. This report highlights the potential for real estate investments by wealthy investors in the Kingdom.

Mon, Mar 11, 2024 5:37pmGrey Clock 2 min

According to Knight Frank, Saudi Arabia’s introduction of Premium real estate visas is expected to draw affluent investors to the nation. The report reveals that Muslim high net worth individuals (HNWIs) are ready to invest up to $1.96 billion in real estate within the sacred cities of Makkah and Madinah. This insight comes from Knight Frank’s first Destination Saudi report, which surveyed 506 Muslim HNWIs across nine countries to gauge their interest and intentions regarding real estate investments in these holy cities.

The survey participants collectively own over 2,250 homes worldwide, with 29% possessing between three and five properties. Among these HNWIs, Makkah is the preferred city for real estate investments in Saudi Arabia, with 30% indicating it as their top choice, followed by Riyadh at 25%, and Madinah at 19%, highlighting its appeal as a target location for investments.

These findings are in line with the Saudi government’s announcement in January of new Premium Residency options, including visas linked to property ownership.
Faisal Durrani, Partner, Head of Research, MENA at Knight Frank, noted that the desire to live in Saudi Arabia is strong among visitors, with 84% of HNWIs interested in buying in Saudi Arabia favoring one of the Holy Cities. This desire is underscored by the fact that 48% of those looking to buy in Makkah plan to use their property as their primary residence.

Harmen de Jong, Regional Partner – Head of Consulting, MENA at Knight Frank, commented on the positive impact of the new Premium Visa for property owners, suggesting it will increase demand amid changing market dynamics and preferences for renting over owning among younger intra-Saudi migrants. This is especially relevant as the report indicates a nationwide decrease of 16% in residential sales volumes last year.

Furthermore, Knight Frank reported a 17% decrease in the total number of real estate transactions across all asset classes in Saudi Arabia during 2023, with the total value of deals falling by 9%.



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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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