Home / Business and Economy / Saudi Luxury Homes Thrive Amidst Gulf War Slump
Saudi Luxury Homes Thrive Amidst Gulf War Slump
6 Jul
Summary
- Saudi Arabia's luxury property market remains strong despite regional conflict.
- DarGlobal reports robust sales in Jeddah and Riyadh due to market demand.
- New foreign ownership laws boost international buyer interest in Saudi real estate.
Saudi Arabia's luxury property sector is flourishing this year, a trend that sets it apart from other Gulf markets impacted by regional conflict. DarGlobal, a developer specializing in branded luxury residences, reports that its sales in Saudi Arabia and Spain are performing exceptionally well. While conflict has led some foreign buyers to pause purchases in locations like Dubai and Doha, Saudi Arabia's market remains resilient.
DarGlobal's projects in Jeddah and Riyadh are particularly successful, benefiting from limited competition in these markets. The company's Trump mansions in Riyadh, for instance, are expansive, with built-up areas ranging from 1,900 to 7,000 square meters. Saudi citizens form the primary buyer base, but recent legislation permitting foreign ownership has significantly boosted international interest and demand.
Founded in 2021, DarGlobal has established a substantial $23 billion development portfolio across 14 cities and nine countries. The developer targets affluent individuals who own properties globally, with a significant percentage of its clients purchasing homes in multiple markets. DarGlobal collaborates with various luxury brands, including Aston Martin and FENDI, as well as the Trump Organization, which constitutes about 13% of its portfolio.
