Monday, April 15, 2024
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Kuwait Government Flexes Financial Muscles to Help Citizens with Mortgages

Kuwait’s real estate market, which is witnessing a resurgence this year, will get another shot in the arm when the laws proscribing issuance of visit visas and family visas to citizens of Afghanistan, Iran, Lebanon, Pakistan,Syria and Yemen goes into effect. The move is designed to stop the influx of refugees and ease the strain on the country’s budding real estate market. Many countries especially developed and prosperous countries have issues with immigration. Immigrants generally put a strain on local economy and overstretch resources. Therefore, if we look at these measures from a Kuwaiti perspective, we will see that will probably have a positive impact on the local population.

Kuwait is one of the most developed states of the Middle East. It’s not on par with Dubai, but it certainly has potential. Kuwait is amongst the top ten oil producing countries of the world and maintains a very strong currency exchange rate – probably the strongest after Saudi Arabia.

The new moves come with a battery of supplementary solutions designed to ease the burden, and help locals buy a home; for instance:

The Kuwaiti government has approved a tranche of measures aimed at providing better access to the home loans for Kuwaiti citizens. Home loans for the women living in the Gulf State have been increased to KWD70,000 (US$246,000) from KWD45,000; while citizens can now borrow anywhere between KWD 5,000 to KWD 35,000 for home renovation. It is a far cry from what it used to be in the past.

The government has also instructed the Credit and Saving Banks to amend its policies and increase the ceiling of mortgage loans from KWD 300,000 to KWD500,000.

Living expense was a key issue in the wave of political conflict that swept Bahrain and other Arab States last year. The Arab Spring cost leaders in Tunisia, Egypt and Libya to fall, and lead to widespread convulsions across the Gulf. High property prices played their part;therefore these moves are designed to deflate the issue.

Finding a company, bank or institution that offers reliable financial advice is often a difficult and confusing task. The sheer volume of solutions offered and available can leave most utterly perplexed. Therefore, checking government affiliated services or accessing reputable Kuwait Financial Investment Companies is the best practice.Go ahead, seek advice before investing in the real estate market of Kuwait.

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Muzahed I.
Muzahed I.
I am Muzahedul Islam. Executive Editor of Reach me out for writing opportunities on this website.
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