Red Sea Global Eyes New Mortgage Services as Demand for Coastal Homes Rises

Red Sea Global is preparing to introduce mortgage services and a wider range of financing options for buyers interested in homes across its Red Sea destinations, according to the company’s Head of Development, Stephen Cheesebrough. The initiative, developed in partnership with several banks, reflects a surge in demand for residential ownership within the company’s expanding coastal projects.

Cheesebrough, speaking to Al-Eqtisadiah during the Cityscape Global exhibition, said some banks already provide financing programs for real estate purchases. The company is now working on additional solutions designed specifically for buyers on Laheq Island, one of its flagship residential destinations.

He outlined the steady expansion of Red Sea Global’s residential portfolio, noting that the AMAALA development includes 348 residential units, with 86 officially launched so far. The company is currently directing its efforts toward three large-scale projects: Shura Island, Laheq Island, and luxury villas within AMAALA.

Shura Island features about 300 villas linked to international hospitality brands. Laheq Island will offer 750 residential units and is expected to be completed over the next three to four years. AMAALA’s residential component includes high-end villas aimed at the luxury segment of the market.

Residential Prices and Offerings

Homes at both Shura and Laheq Islands include modern apartments and villas aligned with well-known hotel brands such as Four Seasons, Rosewood and Six Senses. Cheesebrough said apartment prices on the islands start at SR6 million ($1.6 million) and can reach SR20 million.

Villa prices vary widely based on location and design. On Shura Island, they range from SR8 million to SR60 million. On Laheq Island, villa ownership begins at SR18 million and rises to SR150 million, with average prices around SR34 million. AMAALA includes a single ultra-luxury villa priced at SR400 million.

New Ownership Model and Sustainable Investment

Cheesebrough described the developments as a historic shift for the region, marking the first time freehold ownership of residential units is being offered on islands in the Red Sea. He said units linked to hotel brands and included in the leasing program offer buyers promising investment returns, as owners can rent out their properties during periods of non-use.

He highlighted the project’s environmental framework, describing it as a global benchmark. The destination operates entirely on renewable energy and functions independently from the national grid. Red Sea Global also manages one of the world’s largest battery storage facilities to support uninterrupted clean power.

Cheesebrough added that strict assessment processes are in place to uphold sustainability targets. A core commitment is achieving a 30 percent net increase in biodiversity by 2040, a goal the company says guides all development activity across its projects.