Red Sea Global’s villas sell for $40 million amid Saudi luxury boom

Luxury home prices in Saudi Arabia’s Red Sea Global development are selling for as much as $40 million, after prices climbed sharply over the past two years.

With ultra-high-end villas and mansions overlooking the coastline, the area has become one of the most expensive residential markets in the kingdom, Bloomberg reports.

Red Sea Global, a unit of Saudi Arabia’s Public Investment Fund, is adding golf courses, private beaches and luxury hotels to meet demand for upscale property.

The company’s resort projects are central to plans to turn the kingdom into a top luxury holiday destination.