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Saudi Arabia will develop a new luxury real estate and tourism development called Al Wadi. Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced the launch of “Ardara,” which will develop Al Wadi in Aseer Region in the southwest of Saudi Arabia.
It will be the company’s first development and will become a vibrant urban centre and tourist destination for both local and international visitors, in line with Vision 2030.
Inspired by the distinctive Aseer architectural style and rich historic heritage, Al Wadi, meaning “the valley”, will span 2.5 million square metres and will be developed with sustainability at its core.
It will enhance quality of life by dedicating over 30 per cent of the project’s area as green open spaces, with more than 16km of waterfront extending across the length of the project, and 17km of sport trails, as well as cultural and community activities.
Al Wadi will feature five distinct districts offering unique experiences, with a range of residential, hospitality and recreation options to be provided with phase one of the project over the next three years.
This will include 2,000 residential options in the form of modern high-end apartments and villas, luxury hotels, commercial spaces and business spaces designed in accordance with the highest international standards and in harmony with the region’s identity and history.
Ardara aims to provide investment and partnership opportunities for local and international investors across a range of sectors including hospitality, arts, culture, food and agriculture, as well as retail and entertainment, to further strengthen the partnership with the private sector.
The launch of Ardara aligns with PIF’s strategy to unlock the capabilities of promising sectors, including tourism and entertainment, and diversify the economy of Saudi Arabia.
The Al Wadi flagship destination is set to contribute more than SR19bn ($5.1bn) to the country’s non-oil GDP by 2030, creating thousands of jobs for the region’s local communities. It will contribute to the objectives of the Aseer Development Strategy; “Arabian Highland” announced by the Crown Prince in 2021.
Property transactions carried out by foreigners in Spain accounted for 21.4% of the total number of sales and purchases at a national level in the first half of this year, the highest figure on record. However, foreign purchases and sales of freehold housing fell by 7.5% year-on-year in the first half of 2023, breaking the positive trend seen in the previous four half-year periods, with continued rises following falls in 2019 and 2020 (the second half of 2022 saw a 9.8% increase). But as home sales and purchases by Spaniards have also fallen due to the rising cost of mortgages and housing, the weight of purchases by foreigners in the total is at an all-time high.
Non Spanish people carried out 67,983 transactions between January and June this year; 56.8% of these were made by resident foreigners, a fall of 3.4%, while purchases by non-residents fell by 12.4%, according to data from Spain's General Council of Notaries.
The sale and purchase of free market housing by Foreigners Account For 21.4% Of Home Purchase In Spain
foreign buyers increased in only four regions and decreased in the remaining thirteen. The increases occurred in Asturias (27.7%), Galicia (14.8%), Murcia (5.5%) and Valencia (1.3%). And the following regions performed better than the national average (-7.5%) but with declines: Castile and Leon (-4.8%), Catalonia (-4.2%) and Aragon (-3.3%).
The biggest falls were observed in the Balearic Islands (-32.0%), Navarre (-19.7%) and Andalucía (-15.3%), while the Basque Country (-13.3%), the Canary Islands (-12.6%), Castile-La Mancha (-12.5%), Madrid (-11.5%), La Rioja (-11.1%), Cantabria (-9.9%) and Extremadura (-9.2%) recorded more controlled decreases.
By nationality, the group of foreigners who bought the most homes were British, with 9.6% of the total number of transactions (6,498), followed by Germans (8.1%) and Moroccans (7.3%). The group of nationalities comprising all other non-EU foreigners accounted for 12.8%. Although for the first time in two years, sales by foreigners of all nationalities decreased year-on-year, purchases by Russians (50.2%), Ukrainians (41.6%) and Americans (13.6%) increased compared to the first half of 2022.
Non-resident continue to pay higher amounts for their homes (2,598 euros per square metre) than residents (1,676 euros per square metre) and nationals (1,574 euros per square metre). The average price paid by non-resident foreigners increased by 2.8% year-on-year and that of residents by 2.9%.
The highest average prices per square metre were paid by buyers from Sweden (3,036 euros/m2Domestic buyers lagged behind both with an increase of 0.7% in the first half of the year.), Denmark (2,930 euros/m2), USA (2,921 euros/m2), Switzerland (2,812 euros/m2), Germany (2,724 euros/m2) and Norway (2,584 euros/m2). The average price paid by foreigners as a whole (2,094 euros) was also exceeded by buyers from Russia, France, Italy, the Netherlands, Belgium and Ireland. The lowest prices were paid by Moroccans (689 euros/m2), Romanians (1,086 euros/m2) and Ecuadorians (1,335 euros/m2).
