KUWAIT CITY, Sept 4: The Kuwaiti Embassy in Spain has reported that Kuwaiti nationals own more than 7,000 properties across Spain, with a notable increase in demand in recent years, particularly following the COVID-19 pandemic. Kuwaitis are purchasing between 45 and 50 properties annually, making them the leading Gulf buyers in the Spanish real estate market.

In 2024, property purchases by Kuwaitis saw a 20 percent growth compared to 2004, with an annual growth rate of one percent. The majority of these properties are concentrated in the southern Andalusia region, especially in the province of Malaga. In contrast, the number of properties owned by Kuwaitis in other Spanish regions, including Barcelona, Segovia, and Toledo, remains below 100.

Kuwaiti-owned homes in Spain typically have an average area of 100 square meters, with prices ranging between 250,000 and 450,000 euros. A smaller segment of Kuwaiti investors has ventured into purchasing homes valued at one million euros.

Kuwait's Ambassador to Spain, Khalifa Al-Kharafi, told KUNA on Wednesday that Spain is among the preferred destinations for Kuwaiti property owners in Europe. He attributed this preference to Spain's stable security and political environment, competitive real estate prices compared to neighboring European countries, the quality of residential projects, and the country's moderate climate.

Ambassador Al-Kharafi also highlighted that real estate companies in Kuwait actively promote home ownership and investment in Spain by marketing properties tailored to Gulf preferences. Additionally, he noted that social media has played a significant role in boosting interest in Spain's diverse real estate market.

The increased demand for Spanish real estate post-pandemic is partly due to political and financial stability, with some Kuwaitis selling properties in other countries to invest in Spain.

Additionally, Spain is a popular destination for Kuwaiti tourists. Following the launch of direct flights by Kuwait Airways to several Spanish cities, the number of Kuwaiti visitors reached 150,000 in 2023, with 100,000 traveling via Kuwait Airways. This trend is expected to continue growing this year.

According to a study by international real estate consultancy Knight Frank, Spain ranks among the top five European countries for real estate investment, following England, Germany, France, and the Netherlands.

The real estate sector significantly contributes to the Spanish economy, accounting for 11 percent of the country's GDP in 2022. Alongside the construction and real estate promotion sectors, it provided employment for 1.3 million people, according to data from the Spanish National Institute of Statistics.