(MENAFN - Kuwait News Agency (KUNA)) Kuwaiti citizens should get acquainted with laws, tax, and regulations of countries they wish to purchase real estate in, Assistant Undersecretary for Foreign Trade in the Commerce and Industry Ministry Sheikh Nemr Al-Sabah asserted Sunday.
In a statement to reporters after the inauguration of Al-Raya Real Estate Exhibition, Sheikh Nemr said that citizens must read carefully the contract before signing it and not to abide by marketing schemes unless it was written in the contract, including the importance of understanding the country's laws and regulations of owning a real estate to avoid any problems of legal accountability.
The official noted that the ministry has setup clear and important guidelines to follow on real estate companies which showcase housing units' sales outside Kuwait.
"Such measures would ensure transparency and credibility to every project," Sheikh Nemr added.
For his part, the General Manager of organizing Exhibitions and Conferences Al-Masar Company Saud Murad said that participation in this year's show witnessed an increase in the number of companies that showcase its real estate products, adding that they expect to an increase of sales up 55 percent from the total real estate projects in the exhibition.
Murad added that the projects presented in the four-day exhibition range from villas and apartments to land space ready construction in the Gulf states, Arab and some European countries.