These new additions are a significant shift in the Kingdom's approach to residency and property ownership by non-Saudis.

The premium visa residency program, launched in 2019, offers benefits such as exemption from paying expat and dependents fees, visa-free international travel, and the right to own real estate and run a business without a sponsor.

The new additions aim to attract more foreign talent and diversify the economy, and are expected to have a positive impact on the demand for residential properties in the Kingdom.

A new privilege under Saudi Arabia's premium residency visa allows individuals to own residential real estate assets worth a minimum of SR4 million ($1.07 million).

This threshold aims to attract high-value transactions in the real estate market, potentially increasing demand for luxury and high-end properties and driving up their values.

Developers are expected to expand their portfolios with more premium residential projects, transforming major cities like Riyadh, Jeddah, and Dammam.

The new visa scheme opens the market to international investors and affluent expatriates seeking long-term residency options.

The consulting firm Knight Frank reports that the demand for branded residences in Saudi Arabia is fueling growth in the Kingdom's real estate sector.

This growth is due in part to the introduction of a new visa scheme, which attracts international investors and affluent expatriates seeking long-term residency options.

The increasing number of high-net-worth individuals (HNWI) in Saudi Arabia, which rose from 122,784 to 134,539 between 2022 and 2023, is expected to boost demand for branded residences.

Saudi Arabia is identified as an exciting new market globally for these residential offerings.

Mohamad Itani, a partner at Knight Frank, highlighted the exclusivity and allure of branded residences due to the assured quality service and maintenance provided by associated brands.

The report mentioned that international interest in branded residences in Saudi Arabia has increased with the introduction of new property ownership-linked premium residency visas, requiring a minimum investment of SR4 million (approximately $1.07 million) in a debt-free property to qualify.

NEOM, a Saudi Arabian mega-project, is currently the most preferred destination for expats in the kingdom.

A real estate consultancy survey revealed that NEOM, Saudi Arabia's $500-billion sustainable city project, is the most preferred residential destination among expats, with 29% of participants wanting to buy a home there.

The Line and Sindalah Island are the most desired areas within NEOM, with 42% and 19% interest, respectively.

The high quality of service and maintenance offered by associated brands makes investments in these projects particularly attractive and assures asset value appreciation.

Faisal Durrani, partner and head of research for Knight Frank in the Middle East and North Africa region, stated that Saudi Arabia's giga-projects continue to captivate prospective buyers due to their ambitious construction.

NEOM, a $500 billion super-city in Saudi Arabia, is the most preferred location for both locals and expats looking to purchase homes, according to a survey.

Of the 241 expatriates surveyed, 82% are willing to spend up to SR3.75 million ($1 million) on a home.

However, 32% of expats plan to spend under SR750,000, which may pose challenges for developers as most properties in the giga-projects are expected to be priced above $1 million.

The Saudi government launched a premium visa residency option in 2019, allowing eligible foreigners to live in the Kingdom and receive benefits such as exemption from paying expat and dependents fees.

The consulting firm reports that the demand for branded residencies in Saudi Arabia's giga-projects is fueling growth in the Kingdom's real estate sector.

Despite economic uncertainty, 41% of participants expressed continued interest in purchasing in these projects and were willing to increase their budgets.

The average expat budget for a home in a giga-project is SR2.7 million, which is 58.8% higher than elsewhere in the Kingdom.

Millennial expats under 35 have the deepest pockets, with an average budget of SR4.3 million, nearly double that of those aged 45-55 (SR1.5 million).

Developers will benefit from high-earning expats' eagerness to own property in giga-projects, but must offer unique community features and amenities to stand out.

Itani mentioned that open spaces and having a park view are highly desired preferences for expats.