Top-10 property show opens

KUWAIT CITY, Nov 10, (KUNA): Assistant Undersecretary of the Ministry of Commerce and Industry Fawaz Al-Shallal said Monday the ministry is keen on the success of all property shows in Kuwait and the credibility of exhibitors.

“The ministry has worked out a package of regulations aiming to upgrade the property shows and ensure the credibility of exhibitors, particularly the foreign ones, in keeping with international standards,” he told the press after opening the top 10 show.

The new regulations stipulate that any exhibited property must be registered in the country of origin, be approved by the competent authorities, and meet the design standards of the Kuwaiti ministry, he noted.

He called on the Kuwaiti citizens willing to buy a real property abroad to verify meeting the regulations set by the ministry including those relating to taxes and fees.

On his part, Ahmad Al-Safar, board chairman of City Expo Co - the organizer of the show, said the event focused on attracting the biggest ten property developers, local and foreign.

“The exhibition provides a chance for Kuwait investors to get in touch with main actors on the property market and explore the possibility of investing with them,” he noted.

Al-Safar added that property markets in the United Arab Emirates and Turkey as well as some European countries, where the profit margin ranges between 10 and 13 percent a year, are the main destinations of Kuwaiti investments while the local percentage stands at no more than nine percent.