APPROVAL from the Local Governing Board has initiated the royal expansion of Saudi residency along Marbella’s Golden Mile, expected to generate significant revenue for the city.
Marbella’s royal appeal is about to double in size, generating around €30 million for the city.
The Saudi royal family is continuing its decades-long love affair with Marbella, with plans to build dozens of new royal residences on its Golden Mile estate.
Marbella’s City Council has green-lit the land readjustment project that will permit 80 luxury homes on the nearly 190,000sqm estate in Las Lomas del Marbella Club.
Payments will be made across three separate transactions from the family’s company, Casa Al Riyadh SL.
After land acquisition costs, Marbella is expected to net around €19.4 million.
It’s said that 50 of the 80 new homes built will be officially classified as royal palaces.
Planning documents show the expansion has been ordered to accommodate the natural growth of the House of Saud, as younger generations of the family continue to spend their time along the Costa del Sol.
The proposal for Al Riyadh is now moving into the public consultation process.
As far as municipal authorities go, the new royal project is a great idea.
Mayor Angeles Munos has said the deal is “wonderful news because it shows that the Saudi royal family, especially the third generation, still wants to be in Marbella.”
City Council has announced that the money received in the mega deal will go for future investments, although no specifics have been addressed yet.
The estate already includes the King Abdelaziz Mosque among the extensive private grounds.
This proposal comes despite previous planning disputes involving the state, including a €1 million fine for unauthorised building work at three of the palace properties.
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