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Friday , December 4 2020

Local market stagnant for nearly four years – ‘Review reasons that prevent expats from owning property’

KUWAIT CITY, July 4: The Mudon Ahlia Real Estate Company has urged the real estate sector in Kuwait to review the reasons that prevented the effective implementation of the decision of the Council of Ministers to allow foreigners to own the property, after it was issued about 4 years.

The company said in a report that the conditions and regulations that are put in place to implement the decision prevent the entry of large foreign investment into the local real estate market. The report predicted that Kuwait will attract foreign investment in the real estate sector exceeding 30 billion dollars over the next five years, if the procedures for the acquisition by foreigners, especially those coming to the property market are similar to Dubai in this area.

The report estimates are realistic and represent only 20% of the total foreign transfers expected in Kuwait during the next five years estimated at 150 billion dollars, an average of 30 billion dollars annually.

The report noted that this sector is attractive to foreign investors, especially from the category of residents for the purpose of owning investment or commercial housing as well as by regional and global real estate developers. The report revealed that the past four years witnessed a limited number of decisions to approve real estate ownership by individuals among a few Arab and foreign nationalities.

The report called for reviewing the conditions and easing them while the Council of Ministers should authorize specific authority to grant approvals in conjunction with the possibility of opening certain areas for foreign investment.

This is especially areas where foreigners are concentrated, in addition to the real estate of investment and commercial housing or start to allow the segment of foreigners residing in Kuwait in accordance with certain controls and clear procedures.

The report suggested that the possibility of imposing fees on the registration of real estate for foreigners should be studied as obtainable in some GCC countries, especially the UAE, which have succeeded in attracting large Arab and foreign investments through the real estate sector, in order to open the way for direct ownership without resorting to indirect methods.

Statistics also show that investors from India, Saudi Arabia, the United Kingdom, the United States, Pakistan and Ireland accounted for 80 percent of total foreign investments in Dubai prop The report said allowing foreign ownership of the property would inject new money into the local market that has been stagnant for nearly four years.

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