Global demand for homes in the Red Sea region of the Kingdom of Saudi Arabia has accelerated notably after new legislation allowing foreign property ownership came into effect last month, according to a statement from an official at Red Sea Global.
Stephen Cheesbrough, Head of Development at Red Sea Global, said the recent regulatory amendments have significantly expanded the pool of potential buyers for Lahq Island, a luxury residential community under development as part of the Red Sea Project on Saudi Arabia’s western coast.
Cheesbrough added in comments to Arabian Business that the target market has suddenly broadened as a result of these reforms, contributing to a noticeable rise in interest from international investors.
Last month, Saudi Arabia approved new regulations permitting foreign ownership of real estate in selected locations, in line with the goals of Saudi Vision 2030 to attract foreign investment and strengthen the domestic property market.
Cheesbrough noted that most of the early buyers of properties within The Red Sea Project were Saudi nationals. However, the company has recently begun receiving inquiries and growing interest from buyers in Europe, the United Kingdom, and the wider Gulf region.
Lahq Island is located next to Shura Island, the main tourism destination within The Red Sea Project, which hosts several global hotel brands. In contrast to Shura Island’s tourism-focused character, Lahq Island is designed as a long-term residential community aimed at meeting the needs of multi-generational owners.
