According to the Kuwait Times, a ministerial committee in Kuwait has put forward a proposal to the Cabinet, suggesting that non-Kuwaitis be allowed to own investment residential properties.
The primary goal of this proposal is to stimulate the economy and attract funds to Kuwait by generating liquidity that can be used to release mortgages and “infuse these funds into the national economy.”
Official data mentioned in the report indicates that the investment property market in Kuwait consists of approximately 13,000 buildings housing around 320,000 apartments. Many of these buildings are currently mortgaged to banks.
Granting expatriates the opportunity to own apartments would foster economic growth and stimulate a dynamic real estate sector, thereby contributing to the diversification of the national economy.
As per the proposal, non-Kuwaitis may be eligible to own a single residential apartment within an investment building, subject to a decision by the justice minister. To qualify, individuals must be permanent and legal residents of Kuwait, without any prior judgments against them that undermine integrity or trust during their stay in the country.
The designated apartment should be intended for the applicant or their family’s residence and should not exceed an area of 350 square meters. Moreover, the applicant should not already own another apartment in Kuwait.
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