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Tuesday , February 25 2020

Kuwaitis third largest home real estate buyers in Turkey

Al-Argan Real Estate signs deal with local bank

ANKARA, Aug 20, (KUNA): Kuwaitis make up the third largest foreign buyers of residential real estate in Turkey, national statistics showed on Tuesday. According to the data, Kuwaiti nationals purchased some 219 properties last month, second only to Iraqis and Iranians with combined total purchases of 1,198 properties.

Foreign purchases of real estate properties had surged by 46.7 percent in July, as compared to the same period a year earlier, mainly in the transcontinental nation’s sprawling city of Istanbul and the southern resort of Antalya, the statistics indicated.

The number of properties sold to foreigners in Turkey has skyrocketed this year, with an increase of 68.9 percent, the country’s statistical institute revealed.

Meanwhile, Kuwait’s Al-Argan International Real Estate Company announced signing a contract on banking facilities with a local bank, with a total of KD 66.5 million (about USD 226 million.) The contract aims to organize the company’s financial structure and turn its short and medium term commitments to long term commitments to improve the company’s solvency, Al- Argan said in a statement published on Boursa Kuwait’s website on Tuesday.

The first part of the contract is worth KD 53.9 million and is dedicated to pay for the company’s commitments to local banks. The second is worth KD 11.04 million and is aimed at developing the company’s projects, it added. Al-Argan was established in 2002 and was enlisted in Boursa Kuwait in 2007 with a capital of KD 26.5 million. The company specializes in buying, selling and developing real estate in Kuwait and abroad. It also runs other owners’ properties and provides real estate consultations.

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