Follow Us on Google News
Rich foreigners and investors may be able to enter the Kingdom’s market thanks to the Saudi government’s new additions to its premium residency visa choices this year, real estate consultancy Knight Frank reported on Monday.
This effort is a significant change in the Kingdom’s policy regarding non-Saudi residents’ residence and property ownership, according to a report published by real estate consultancy Knight Frank. It is also anticipated to have a significant impact on the demand dynamics of residential homes.
Launched in 2019, the premium visa residency option seeks to enable qualified foreign nationals to dwell in the Kingdom and enjoy advantages like no-fee international travel, no-expat and dependent fees, and the ability to own property and operate a business without the need for a sponsor.
In January 2024, the Kingdom expanded its premium residency program by introducing five new offerings aimed at attracting foreign talents and fostering economic diversification.
Among these additions, the most prominent was the opportunity for participants to acquire residential real estate assets valued at a minimum of SR4 million ($1.07 million) within the Kingdom.
“The SR4 million threshold has been established to ensure that investments made are substantial, potentially stimulating a surge in high-value transactions within the real estate market. This could lead to heightened demand for luxury and upscale residential properties, consequently bolstering property values within these segments,” noted Knight Frank in their report.
The UK-based firm claims that Saudi Arabia’s premium residency visa option will also force developers to add more premium residential projects to their portfolios, changing the urban face of the Kingdom’s major cities, such as Riyadh, Jeddah, and Dammam.
The consultancy business claims that Saudi Arabia’s real estate market is expanding due to the country’s need for branded residences.
According to the survey, Saudi Arabia is one of the most promising emerging markets in the world and is seeing large investments in these residential services.