A report by Ventures Middle East predicts that Saudi's interior spend in 2011 will grow to SR1.29 billion, up from SR127.5 million last year.
The same report also forecasts spending on interiors will rise by a further 71 percent in 2012.
"We are now seeing a very strong trend in spending on interior design," said Ziad El-Chaar, managing director of Damac Properties.
“As the largest private developer in this region, we have recognized this strategic opportunity and have partnered with Italian fashion brand Versace to develop the first Versace-branded apartments in Saudi Arabia.”
Whether a property is being purchased as an investment or as a place to live, distinguishing features are becoming increasingly important to ensure the value of the property continues to grow. After location and internal floor space, interior design can be a defining factor in the purchase decision.
"Investors and homebuyers are searching for something unique, and our partnership with Versace creates a point of difference compared to other residential properties on the market" El-Chaar added.
In Saudi Arabia, extravagance, decadence and opulence define the customer tastes for residential property interiors.
As a high-end luxury developer, Damac Properties was aware of the need to develop an interior design concept for its Jeddah development "Al-Jawharah" that would surpass the expectations of the country's social elite and even the most discerning luxury connoisseur.
To this end, Damac Properties, in its collaboration with Versace Home Interiors, has developed a special interior design concept which will produce the most exclusive residential apartments in the Kingdom.
The top 10 floors of Damac's Al-Jawharah will feature DAMAC Residences with Interiors by Versace Home.
