Red Sea Global to offer mortgage options for property ownership

The mortgage will come in cooperation with several banks, as the company is currently working on providing additional tailored solutions for property owners

Red Sea Global Co. is moving toward offering mortgage services and financing solutions for those wishing to own residential units within its destinations along the Red Sea coast revealed Steven Cheesbrough, Head of Development.
 

The mortgage will come in cooperation with several banks, as the company is currently working on providing additional tailored solutions for property owners on Lahaq Island, he told Al-Eqtisadiah newspaper, on the sidelines of the Cityscape Global exhibition.
 

The official also stated that the prices of residential apartments on the islands of Shura and Lahaq range between SAR 6-20 million, while villas on Shura Island range between SAR 8-60 million, depending on location and specifications.
 

Moreover, the villa ownership prices on Lahaq Island start from SAR 18 million and can reach up to SAR 150 million, with an average price of about SAR 34 million, said Cheesbrough, noting that the Amaala destination features luxury villas priced at SAR 400 million.
 

This step marks a historic precedent, as it is the first time that freehold ownership of residential properties on Red Sea islands has been permitted, he remarked.
 

Cheesbrough also noted that Red Sea Global is currently focusing on three main projects: The Shura Island, which includes about 300 villas by international luxury brands, the Lahaq Island which features 750 residential units expected to be completed within 3 to 4 years, and the luxury villas and residential units in the Amaala destination, which consists of 348 units, 86 of which have been officially released so far.