The News
Buyers of high-end property have been active in Saudi Arabia this year, even as the Iran war has dented sales of the priciest homes elsewhere in the Gulf, according to DarGlobal CEO Ziad El Chaar.
The London-listed developer, which focuses on branded luxury residences, said its international reach had helped cushion the impact of the conflict: While some foreign buyers paused purchases in Dubai and Doha, “in Saudi and Spain, sales are still holding up beautifully,” El Chaar told Semafor.
Dubai’s luxury housing market had enjoyed years of strong growth before the war began, becoming the world’s biggest market for homes priced above $10 million, according to real estate consultancy Knight Frank. While the conflict hasn’t resulted in sharp declines in listing prices, there have been reports of buyers pushing sellers harder than they would have in the past.
Some people are going to developers and saying “give me a 30% discount,” El Chaar said. “We will not do it.”
As sales in some locations stall, El Chaar said his company’s projects in Jeddah and Riyadh are connecting with buyers, in part because of the lack of equivalent properties in those markets. Its Trump mansions in Riyadh, for example, have built-up areas ranging from 1,900 square meters (20,000 square feet) to 7,000 sqm.
Most of the buyers are Saudi citizens, but international demand increased after the kingdom introduced a law this year allowing foreign ownership, he said.
Know More
Founded in 2021 and listed on the London Stock Exchange, DarGlobal now has a $23 billion development portfolio spanning 14 cities in nine countries. The company has around 6,100 units under construction, and has expanded from homes into hotels, golf resorts, and managing real estate assets. It also plans to tokenize its portfolio to create liquidity around the traditionally hard-to-trade asset class.
Beyond the Gulf, it has projects in Greece, the Maldives, Spain, and the UK. DarGlobal targets what El Chaar calls the “global citizen” — affluent buyers who own homes in multiple countries. He said about 35% of the company’s customers have bought properties from the developer in more than one market.
Among the 14 brands it has partnered with — including Aston Martin, FENDI, and W Hotels — is the Trump Organization; the US president’s family business accounts for roughly 13% of DarGlobal’s portfolio, according to El Chaar. The partnership now encompasses projects in Oman, Qatar, Saudi Arabia, and the UAE.
Courtesy of DarGlobalEl Chaar said buyers of the Trump-branded properties are not put off by the president’s political controversies. “Love or hate, Trump is a successful brand,” he said. “It’s a brand of luxury, it’s a brand of exclusivity, it’s a brand that [has] today among the highest brand awareness [levels] in the world.”
Notable
- Companies in the Gulf have paid almost $300 million to US President Donald Trump’s businesses last year. Most was related to a crypto deal, with around $40 million coming from real estate licensing deals in Oman, Qatar, Saudi Arabia, and the UAE, The Wall Street Journal reported.