Diriyah Company, the developer behind the transformation of Saudi Arabia’s historic district into a major tourism project, is selling luxury homes in its Wadi Safar community as part of its residential strategy. The company plans to offer between 40 and 50 upscale units, with a minimum price of $25 million each. These exclusive homes in Wadi Safar, west of Diriyah, are targeted at “ultra high-net-worth” buyers and already have a waiting list, according to Diriyah Company CEO Jerry Inzerillo.
The Wadi Safar development will also include a championship golf course and a polo club. Inzerillo compared Diriyah to Beverly Hills and described Wadi Safar as the “Bel Air” of the area, highlighting its appeal to high-net-worth individuals.
The expansion of Saudi Arabia’s capital, Riyadh, is part of the country’s economic reform strategy, with projections that the city’s population will double to 15 million by 2030. To meet this growth target, real estate projects are being added throughout the city, including a range of housing options in the Diriyah project.
Diriyah Company has also put 106 Ritz Carlton-branded luxury villas on sale, with prices ranging from nine million Saudi riyals ($2.4 million) to 26 million riyals. These villas have attracted significant interest, with buyers depositing over one billion riyals for more than 71 residences. The remaining villas have been reserved for top government officials and royalty.
Diriyah’s residential sales center features a model of the villas, which are designed in the Najdi architectural style and offer three to five rooms with sizes ranging from 315 square meters to 860 square meters.
The $63.2 billion Diriyah project, scheduled for completion in 2030, will cover 14 square kilometers and include 42 hotels, over 100 restaurants, nine museums, and 30,000 homes.
The residential plans at Diriyah come at a time when Riyadh is experiencing a shortage of accommodation due to an influx of residents. The city is offering a 30-year tax break to attract global companies to establish their regional headquarters there. House prices in Riyadh have risen by 45% to 50% since January 2020, leading to increased demand for rental properties.
In line with the country’s 2030 vision, Diriyah is set to become a walkable city that focuses on Saudi culture and heritage. It will also serve as a base for technology, media, and entertainment companies, creating demand for various housing options such as studio apartments and one-bedroom and two-bedroom houses. Currently, the residential units will be available for rent, with plans for freehold property in the future.
The master plan for Diriyah prioritizes pedestrian-friendly design, aligning with the vision of Saudi Crown Prince Mohammed bin Salman.