Experts say Kuwait ban on expats buying property hinders efforts to lure investors

Experts say Kuwait ban on expats buying property hinders efforts to lure investors

By Majd Othman

KUWAIT: Foreign investments in Kuwait remain weak, despite the establishment of the Kuwait Direct Investment Promotion Authority, whose main role is to provide investors with the best environment and facilities. Preventing foreigners from buying properties is one of the main reasons for the dearth in local investment. Some real estate experts told Kuwait Times that Kuwait’s policy and laws are the reason foreigners are not allowed to own real estate in the country, saying they don’t see any logical reason for this ban.

“There is no reason to prevent expats from buying their own properties in Kuwait. According to government policies and from my point of view, the state can limit ownership of properties by expats or foreign investors to specific areas. They should allow it based to the government’s desire to develop the economy,” International real estate advisor Meshaal Al-Melhem told Kuwait Times.

“Kuwait has more than 3.5 million expats, who constantly transfer their money to their countries,” Melhem said, adding “opening the door for expats’ investment in properties will boost the rate of spending inside Kuwait, and will create new competitive opportunities that will also contribute to an increase in supply and demand, which will also benefit Kuwaiti