A ministerial committee in Kuwait has put forward a proposal to the Cabinet suggesting that non-Kuwaitis be allowed to own investment residential properties, as reported by the Kuwait Times.
The proposal seeks to revitalise the economy and draw capital to Kuwait by creating liquidity to release mortgages and “inject these amounts into the national economy.”
Official data cited in the report indicates that Kuwait’s investment property market consists of approximately 13,000 buildings with 320,000 apartments, many of which are currently mortgaged to banks.
Allowing expatriates to own apartments would foster economic growth and cultivate a dynamic real estate sector, thus diversifying the national economy.
According to the proposal, non-Kuwaitis may be granted the right to own a single residential apartment in an investment building by decision of the justice minister, on the condition that they are permanent and legal residents of Kuwait and have not been involved in any dishonourable or untrustworthy activities during their stay in the country.
The apartment should be designated for the applicant or their family’s residence, with an area not exceeding 350 square meters, and the applicant should not already own another apartment in Kuwait.
The report states that the proposal, along with the mortgage bill, will be discussed after the formation of the new government, which is expected two weeks after the National Assembly elections scheduled for June 6.
The government hopes that the mortgage bill will be approved by the National Assembly as part of efforts to address the housing crisis in the country.
