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KUWAIT CITY, Feb 15: Sources say they are expecting amendments to be made on the ban on foreign ownership of real estate investment units. This is aimed to mitigate the losses worth KD 300 million so far suffered by those units due to the COVID-19 outbreak, reports Al-Nahar daily. They explained that the residency law for expatriates may also be amended for this purpose. If these amendments are made, they will achieve a great recovery in the real estate sector. There are governmental studies, with international participation, aimed to regulate the real estate market, which suffers from several negative phenomena that affect the strengthening of the status of various sectors, especially investment units that suffer from an increase in vacancies.
The establishment of a public real estate authority has become an urgent matter, as investment in this sector has historically occupied the second place among the investment options available to local and foreign investors alike. The sources stressed that the legislative and legal amendments to the residency law of expatriates must be different and attractive to the investor, adding that these amendments will help in securing the investment real estate sector in the coming period.