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About 45 percent of Kuwaitis own real estate overseas

(Xinhua)
Updated: 2007-07-07 21:54

KUWAIT CITY,-- Up to 45 percent of the Kuwaiti people possess real estate abroad, 60 percent of which are for tourist purposes and enjoy moderate weather in the summer, the Kuwait's Professional Real Estate Company said on July 7.

This rate is the highest at the Gulf and the Arab level, Chairman Faraj Al-Khudhiri of the company told the Kuwait News Agency.

He urged the Kuwaiti firms' overseas real estate marketing teams to study the "tourist mood" of the Kuwaiti citizens and the destinations they preferred for summer holidays.

When a Kuwaiti citizen buys real estate overseas through a local broker, he escapes falling a prey to exploitation or ignorance of the real estate legislations in the target country, Al-Khudhiri said.

At the Gulf level, Kuwaitis prefer buying real estate in the UAE, especially in Sharja and Ajman that are near to the soaring Dubai.

Egypt is the Kuwaiti people's top destination at the Arab level, for its great tourist attractions and enticing beaches.

Lebanon was on the decline as an important destination due to the problems the country has been suffering over the past years.

Malaysia is Kuwaiti's main real estate destination in Asia, and South Africa the major destination in Africa and the UK in Europe.

Most Kuwaitis prefer buying flats overseas to avoid the exorbitant prices of renting apartments or staying in hotels during the summer season, which is also a long-term investment, the chairman said.