(MENAFN - Kuwait News Agency (KUNA)) Assistant Undersecretary of the Kuwaiti Ministry of Commerce and Industry (MoCI) for Foreign Trade Affairs Sheikh Nimr Al-Sabah on Sunday called on nationals willing to buy real estate in foreign countries to review the concerned laws of such countries beforehand in order to avoid any problems in the future.
"The ministry has developed a rage of regulations and controls for foreign real estate companies, which seek to attract Kuwait customers to overseas residential units, with a view to verifying their credibility and seriousness, " Sheikh Nimr said.
He made the press remarks after inaugurating the Real Estate, Finance and Investment Exhibition at Hilton Kuwait Resort in Mangaf area.
"The new regulations helped minimize the legal problems and commercial fraud resulting from the practices of some illegal unregistered companies or fake real estate projects," the senior official added.
Meanwhile, CEO of ISKAN Finance Housing Co. Mahmoud Afifi said the local real estate market is growing thanks to the strong growth in demand in the residential sector, followed by the investment and hotel apartment sectors.
"The Kuwaitis are still in the lead of Gulf and Arab investors in real estate," Afifi said citing various recent market reports.
He attributed the tendency of many Kuwaiti customers, particularly the minor investors, to investment in overseas real estate to the high rates on the local market.
ISKAN is the organizer of the exhibition.