Saudi Red Sea homes priced as high as $40m

PROPERTY MARKET OPENED TO OVERSEAS BUYERS ONLY RECENTLY

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Luxury villas and apartments are sprouting up on an archipelago in the Red Sea just off Saudi Arabia’s shores, becoming the latest symbol of the boom in the kingdom’s property market.

The new homes — some of which are being priced as high as $40 million — are being built on a ring-shaped island by Red Sea Global, a developer owned by Saudi Arabia’s $1 trillion sovereign wealth fund. Called Laheq Island, it’s the firm’s first fully residential development as it works on a $27 billion property and tourism portfolio along the coast.