RIYADH, Saudi Arabia and CHICAGO (February 4, 2024) – Global luxury real estate brand Christie’s International Real Estate is launching in the Kingdom of Saudi Arabia, in partnership with one of the country’s leading real estate technology firms, Wasalt. The brokerage, Christie’s International Real Estate Saudi Arabia, will serve the country’s burgeoning luxury property market.

A subsidiary of Quara Holding Group, a Saudi investment firm with interests in real estate development, finance, advisory services and technology, Wasalt provides AI-driven property search, client-agent matchmaking, auctions and other real estate services on a single platform. The company recently filed for an IPO on the Saudi Parallel Market. Christie’s International Real Estate Saudi Arabia will create a bricks-and-mortar complement to the online business with a specific focus on luxury residential sales.

The brokerage firm is led by Nawfal al Khudhairy, who has more than two decades of experience in real estate development and consulting. The firm’s agents and clients will benefit from national and international exposure through Christie’s International Real Estate’s global, invitation-only network, which has more than 100 luxury brokerage firms in nearly 50 countries and territories.

“Wasalt and Quara’s incredible understanding of the Saudi market and deep relationships within the real estate sector make them an ideal partner as we introduce our brand to the Kingdom of Saudi Arabia,” said Helena Moyas de Forton, managing director, EMEA and APAC, Christie’s International Real Estate. “We look forward to offering Saudi homebuyers and sellers our elevated, bespoke experience, especially during this period of tremendous growth in the Kingdom’s luxury real estate market.”

Christie’s International Real Estate maintains a close partnership with Christie’s auction house, enabling clients of both businesses to take advantage of the unique synergies between the worlds of high-end real estate, fine art and luxury goods. Christie’s fine art and luxury business also recently announced its expansion into the Kingdom with the appointment of its Managing Director, Nour Kelani.

Saudi Arabia’s luxury real estate sector is experiencing incredible growth as a result of Vision 2030, an SAR 1.3 trillion (US$347 billion) government program that aims to transform the nation’s economy, society and culture. Through the initiative, the Kingdom’s Public Investment Fund (PIF) is investing more than SAR 39 billion (US$10.4 billion) annually in several large-scale real estate developments throughout the country, creating thousands of new luxury residences, including branded residences from the world’s preeminent names in luxury.

“Vision 2030 is fueling strong international interest in the Kingdom from high-net-worth individuals seeking residency and investment opportunities. Meanwhile, affluent Saudis continue to seek real estate for enjoyment and investment in the world’s top luxury destinations. Christie’s International Real Estate offers the premier global marketplace for high-end buyers and sellers with an interest in Saudi Arabia to connect,” said Ziad Chaar, CEO of Quara Holding Group.

Upon launch, Christie’s International Real Estate Saudi Arabia is representing two new high-end developments from Quara Holding subsidiaries Dar Global and Dar Al Arkan, including Neptune Villas, a luxury lifestyle community featuring interiors by internationally acclaimed jeweler Mouawad.

With steady economic growth and numerous tax advantages, Vision 2030 has created an ideal climate for luxury real estate investment throughout the Kingdom of Saudi Arabia. A population increase of nearly 4 million over the last five years has created greater demand for real estate, while rental yields ranging from 7-11% in Riyadh and Jeddah are some of the highest in the Middle East. To further entice foreign buyers and investors, the Saudi Premium Residency Program offers individuals who spend at least SAR 4 million (US$1.1 million) on real estate a list of benefits, including the right to live, work, own a business and property in Saudi Arabia. Meanwhile, the nation is set to host the World Expo in 2030, and the World Cup in 2034, two events that are likely to amplify global interest in the country.