An Increasing Number Of Experts Are Purchasing Real Estate Abroad

An increasing number of Kuwaitis are purchasing real estate abroad, especially in the GCC region, Turkey, and Europe, said a number of experts on Thursday. In separate interviews with KUNA, the experts said that Kuwaitis were mainly attracted by the promotional campaigns launched by countries in those regions.

Chief of avenues real estate company Al-Hareth Al-Ali said that an increasing number of Kuwaitis were acquiring real estate in Turkey, noting that Turkey carried out a number of policies to encourage foreign investment within real estate.

Last year, Kuwaiti purchase of real estate in Turkey was up by 10 percent, said Al-Ali, adding that the price of real estate there was at around KD 22,000 and KD 55,000. On his part, Chief Executive at the Mesila real estate company Ali Al-Jouhari said that the price of lands in Oman was at KD 10,000 to 20,000, noting that the fellow GCC country provided documentations and papers protecting owners of real estate.

Meanwhile, real estate expert Ahmad Issa said that Kuwaitis were purchasing properties in the UK and especially in Manchester City, noting that revenues from purchased real estates was at 12 percent. Kuwaitis purchase of real estate in Manchester was due to its proximity to the British capital London, said Issa, adding that the investment atmosphere in the city was another key factor.

Regarding real estate investments in Spain, chairman of the board for Al-Bustan company Yousef Mahmoud Al-Najjar said that Kuwaiti real estate purchases in the European country jumped by 10 percent this year, noting that the prices ranged from 25,000 to 35,000.

The easy process of acquiring real estate in Spain and the strong revenues from selling real estate drove Kuwaitis to purchase properties there, said Al-Najjar. According to international and local reports, Kuwaitis were among the top list of real estate investors on a global scale with some 1,589 nationals buying properties abroad. 

 

SOURCE : THETIMES

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