Saudi Arabia\u2019s Red Sea islands are undergoing a radical transformation as part of the \u201cJazira Lahak\u201d project, which is being developed by \u201cRed Sea Global,\u201d a subsidiary of the Public Investment Fund.<\/p>\n
The project is the company\u2019s first integrated residential real estate development and aims to transform the island into a luxury tourist destination that attracts wealthy locals and international visitors, as part of the Kingdom\u2019s ambitious plan to boost the tourism sector by 2028.<\/p>\n
Prices range from Residential units<\/a><\/strong> Luxury properties on \u201cLahak Island\u201d range from a few million to as much as 150 million Saudi riyals (about $40 million), making the marketing of these properties a major challenge, especially given the relative newness of the Saudi real estate market and the social restrictions that remain in place.<\/p>\n Apartment prices start at 5.5 million riyals, while villa prices start at 18 million riyals, according to Stephen Cheesebro, head of development for \u201cThe Red Sea Project.\u201d.<\/p>\n The project is being developed on a circular island covering an area of approximately 400 hectares and includes 528 villas spread across the northern and southern parts of the island, as well as 221 luxury apartments, a shopping mall, and two luxury hotels. The southern part of the island is expected to open in 2028.<\/p>\n Saudi Arabia is banking on these projects to bring about a quantum leap in the real estate market and help attract new foreign investment, especially after foreigners were allowed to own property within the Kingdom, Despite the sharp increases in real estate prices since 2019\u2014with apartment prices rising by 96% and villa prices by 53%\u2014the pace of transactions has slowed over the past year due to a decline in purchasing power.<\/p>\n Faisal Dorani, Head of Middle East Research at Knight Frank, notes that the luxury real estate market in the Kingdom is still in its early stages, and he emphasizes that the number of interested buyers remains limited compared to mature markets such as Dubai.<\/p>\n Red Sea Global confirmed that it has recorded real estate sales of 1.5 billion riyals to date, mostly from its luxury resorts, and aims to achieve additional sales of 2 billion riyals this year, the bulk of which will come from \u201cLahak Island.\u201d.<\/p>\n Cheesebro said the project is attracting interest from celebrities and international investors, including a soccer player in the English Premier League, whose name he did not disclose.<\/p>\n The company continues to expand its tourism portfolio, having opened five hotels to date, and 11 new resorts are expected to open this year, although high room rates\u2014reaching 7,000 riyals per night\u2014make them unaffordable for the average visitor.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Saudi Arabia's Red Sea islands are undergoing a radical transformation as part of the \u201cLater Island\u201d project, which is being developed by the Public Investment Fund's (PIF) Red Sea International (RSI). The project is the company's first integrated residential real estate development and aims to transform the island into a luxury tourist destination that attracts local and international wealthy people, as part of the Kingdom's ambitious plan to boost the tourism sector by 2028.... 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Prices on \u201cLahak Island\u201d<\/span><\/h4>\n