The boom in the real estate exhibitions in Kuwait and the high turnout by participant firms and visitors, are a sign that the sector is rebounding, overseas real estate in particular, a Ministry of Commerce and Industry official has said.
The Ministry has spotted a rise in the participation rate of foreign companies in the Kuwait International Property Show (KIPS) offering various forms of real estate, Ministry Undersecretary Abdulaziz Al-Khaldi said after opening KIPS 2014 on Monday.
Al-Khaldi referred the focus on overseas property of these exhibitions to the fact that prices abroad are relatively low compared to soaring ones at home. This prompts investors to seek property out of the country.
Meanwhile, Sheikh Malek Al-Sabah, Chairman of Top Expo, organizer of the exhibition, said that up to 73 companies are taking part in the 2014 KIPS, most of them foreign ones. This number reflects high interest by the participant firms in the Kuwaiti market.
They are offering plots of land, houses and instruments of utilization, he added.
Radical changes in money markets have pushed local investors, individuals and companies, to consider directing their capital to real estate, since the sector is regarded as safe and can hardly be affected by political events, Sheikh Malik noted.
Meanwhile, Sheikh Malik warned Kuwaiti investors to be as cautious as ever when selecting overseas property.
"Not all real estate investments are successful," he said.
For his part, Top Expo CEO Waleed Al-Quddoumi advised investors to make sure the property to be bought is a reality, and not to depend only on the local sales agent.
Caution is a must, especially when the project is underconstruction, Quddoumi said, calling investors to visit the target country before paying any money to developers.
This visit will save a purchaser a lot and help him make the right decision, he noted.