(MENAFN - Kuwait News Agency (KUNA)) Growing competition in real estate exhibitions indicates sturdiness of the market and an upward trend to purchase properties overseas, Undersecretary of the Ministry of Commerce and Industry Abdulaziz Al-Khaldi said Monday.
His remarks to reporters came after inaugurating Al-Nukhba (elite) real estate exhibition earlier today.
"Holding such exhibitions focuses on promoting overseas real estate, which gained back popularity after the fading away of the global economic crisis and thanks to emergent demand by Kuwaiti investors," he said, underlining at the same time the ministry's keenness to monitor such exhibitions and make sure they follow regulations.
Al-Khaldi urged citizens and expatriates wishing to own proerties, either inside Kuwait or abroad, to make sure that proper documents are in order, pointing out that the ministry is ready to receive complaints from buyers in case a problem or inadequacy arise on the part of the company.
On her part, Chairman of Eskan Global Exhibition Group; organizer of the event, Sheikha Fatma Al-Sabah, said the exhibition this year saw vast participation in a time where "the local market is short of investment opportunities in light of soaring prices of real estate.
"The Kuwaiti market is 'overloaded' with cash liquidity that awaits safe and profitable investment opportunities, mainly in real estate," she noted.
Some 35 local and international real estate and investment firms are taking part in this year's exhibition.