As per the latest proposal submitted by a Kuwaiti ministerial committee, the Cabinet has been requested to permit expatriates to own investment residential properties.
The proposal aims to revitalize the economy, and draw investment into Kuwait by creating liquidity to free mortgages, and inject the amounts into the national economy.
As per the report which cited official data, the investment property market in Kuwait is estimated at 13,000 buildings with 320,000 apartments, and several of the buildings being mortgaged to banks.
By allowing expats to own apartments, there will be economic growth and an active real estate sector that helps diversify the national economy.
The proposal for expat ownership in Kuwait states that non-Kuwaitis may be granted the right to own a residential apartment in an investment building by a decision of the Justice Minister, provided, they are permanent and legal resident of Kuwait and that no judgements have been issued against them to violate honour of trust during their stay in Kuwait.
The apartment should be allocated for only for residence of the applicant or their family, and the area of the apartment should not exceed 350 sqm, and the applicant should not own another apartment in Kuwait.
The proposal is likely to be discussed after formation of new government which is likely to be formed in two weeks after National Assembly elections on 6th June. The report, alongside the mortgage bill, is hoped to be approved by the National Assembly to address the housing crisis.
