Saudi Arabia is courting the world’s wealthy with the launch of Norlana, a new real estate development featuring mansions, beach villas and a superyacht hub.
The kingdom’s giga-city project NEOM announced on Wednesday that it is developing the exclusive wellness community on the Gulf of Aqaba’s coastline, according to a statement.
The project will have amenities designed to attract those who prefer the “ultra-modern active lifestyle”, including golf, water sports, sailing and diving enthusiasts.
The plan is to build 711 residential properties and attract 3,000 residents, with units ranging from deluxe mansions, apartments and beach villas integrated with the surrounding dunes.
It will have a 120-berth marina for superyachts and an 18-hole golf course, as well as an equestrian and polo centre.
Norlana is the latest real estate development unveiled in Saudi Arabia, as part of the ambitious Vision 2030 plan.
Saudi’s giga-projects like NEOM are part of the strategy to boost the real estate offerings across the kingdom to lure foreign and local investors.
“Saudi Arabia is one location that has seen a growth in the number of HNWIs over recent years, particularly in key cities such as Riyadh and Jeddah, where demand for luxury properties is also rising,” according to a Cityscape Intelligence report.
Knight Frank had estimated that the number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWI) in Saudi Arabia will reach 185,000 by 2027. Its survey of 107 GCC-based HNWIs also showed that 83% of the individuals are interested in buying real estate in the kingdom.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com
