What do you think about buying a house in Kuwait? If the answer is yes then you should know all the facts. This is a big step in your life. The state of Kuwait is officially a country in Western Asia.
Easy Move KW can help with your move and make it very easy. Kuwait has a population of 4.2 million people, but 70% of them are migrants. It is a popular destination for X-Pet as there is no income tax to pay on salaries and petrol and cars are quite affordable.
But, on the other hand, houses are a bit expensive. This small country was the first country in the world to use desalination to supply water for domestic use. 70% of Kuwait’s population is migrant
Buying a house in Kuwait – law
Fortunately, the government cabinet in Kuwait approved the principle that foreigners can also own property in Kuwait. But, there are some rules of course. Potential homeowners who do not have a Kuwait passport should never be convicted of any type of crime in Kuwait.
Also, they should be long-term residents and they should be able to prove their income in this country. Apartments that foreigners can buy can have a maximum of 350 square meters and this should only be their residential property in Kuwait.
Cost of living in Kuwait
You should know that the price of a property depends on the strength of the oil industry in the country. To avoid fraud, find an estate agent with a good reputation. And also the lawyer.
When buying a home in Kuwait, you will be liable for all fees, including legal fees and examination fees. The price is 1,772 KWD ($ 5,863) for a square meter in the city center and 1,280 KWD ($ 4,235) outside the city center. These are average values.
Perhaps it sounds too expensive, but keep in mind that the average monthly net salary (after tax) is 590 KWD ($ 1.952). Kuwait is slightly more affordable than its Bay Area neighbors.
You can also save your money of you plan of buying a house in Kuwait. Homes are expensive, but on the other hand, utilities are relatively inexpensive.
The prices of electricity, gas, and water are relatively cheap and it is a relief. A monthly electricity bill is KD 14 ($ 46), although to avoid heavy heat, you should take care in working the air conditioning all day in the summer months. If you prefer to live in a small flat in Kuwait City, your monthly bill will be 66 KWD ($ 218) for all utilities, including garbage removal.
The best thing is that we mentioned before the price of gasoline. It is almost free. Gasoline is 0.09 KWD ($ 0,297) per 1 liter. If you want to listen to someone’s experience, watch the video below.
Neighbors and how to choose the right house
For example, children in Kuwait live later than children in the United States. If you want peace, avoid places near the playfield or swimming pool. In addition, the mosque will offer prayers from the minaret five times a day. The prayer starts at 5 in the morning. And when Ramadan happens, everyone gets up late.
Experience new culture. It can feel like begging again every day, but you’ll get used to it
Before you go to the neighborhood at different times of the day to buy a house. Don’t forget, shaded parking is important for your car at high temperatures, and double glazing, air conditioning, and heating are also important things for the winter. The warmest month of the year is July. The average temperature in July is 45 ° C.
What do you want to do in your new home?
Make a wish list. What do you want in your new home? But, due to the prices, you must be prepared to compromise. For example, what you should tell him:
How many bedrooms and bathrooms are needed – When you are buying a house in Kuwait, try not to pay for space because the prices are too high.
Garage – If you have a car and/or equipment, this is very important due to the high summer temperatures.
Furnished or not – If you want to install your furniture, buy an empty house. You can also find a half-furnished house. With air conditioner and small furniture. Also, check windows and insulation.
Budget – Ask your real estate agent if you can buy a home with the budget you have.
Backyard – For example, if you have a dog, you must have a backyard. Also, it is the perfect place to relax, especially if you like BBQ. You can invite your new friends and neighbors to try out their specialties. And when we talk about food, do not serve them with pork.
Residential Property
Kuwait does not have a share of residential property. The most sought-after locations for X-Pets are Salmia, Havalli, Salwa, and Jabariya. As you get closer to the city and the sea, the properties become more expensive. The apartments are centered on the outskirts of the city and directly on the coastal strip; Villas are more popular in the city.
The country’s 4 or 5 real estate websites are mostly Arabic or of poor quality. Most ex-patrons recommend “driving around the night” to find a rented property rather than consulting a realtor. The latter will charge a month’s rental commission, which will add little value.
Choose an area you like, and then drive around at night looking for buildings with no curtains and lights. Stop and ask for “Harris”. Say “Where Harris?” Harris will show you around. Harris is the caretaker of the property.
Landlord and Tenant Law
A landlord can increase the rent by a maximum of 100% during the term of the lease. The tenant has two options; Accepting growth or going out.
A landlord can evict tenants after a 5-year rental period upon production of a court notice before the contract expires. Failure to produce a court notice means automatic renewal of the lease for the next five years.
Within the five-year rental period, a landlord is allowed to ask the tenant to vacate with a notice period of nine months. Should the landlord sell the premises during the term of the lease, the tenant is not affected.
Will you be able to buy ex-pats in Kuwait?
Many industry players have allowed migrants to own real estate, thus increasing the flow of investment. The absence of such legislation has prevented Kuwait from retaining a high percentage of the annual income of resident migrants, which is now mostly remitted outside the country.
1 Partly due to the invasion of Kuwait during the Iraq War, officials are cautious, yet a year ago the government indicated that foreign ownership regulations would be redrafted to allow limited foreign ownership in designated areas.
The proposal focuses on limiting the amount of property available for sale up to 1000 square meters with the right to resale, not the resale right, and a requirement that the Prime Minister approves the deal. Nevertheless, according to some versions of the proposal, a Kuwaiti national would still be required to place a proposal.
The government has set up the Real Estate Clearing Company (RECC) to pinpoint real estate market problems, improve regulatory clarity and disseminate market information.
The mechanism currently being used is the Build-Operate-Transfer (BOT) route, which encourages private companies to develop state-owned plots and operate them for 20+ years, after which the project goes to the government. She passes. She passes. will be returned
The mortgage
In Kuwait, it is permitted under Article 7 of Law 5 of 1959 to obtain protection on immovable property, including protection of immovable property. The mortgage is treated as a contract and therefore the contract chapter also applies from Decree 67 of the Kuwait Civil Code, 1980.
There is a general belief that foreign lenders cannot mortgage Kuwait’s immovable property because foreign decree in Kuwait is prohibited from owning real estate under Decree 74 of 1979, which prohibits foreign ownership of the real estate. . While it is true that foreigners are generally prohibited from owning real estate, these restrictions do not apply to mortgages. Foreign and legitimate and registered mortgages can enter Kuwait as mortgages.
Even though foreigners can act as hostages under Kuwaiti law, the security holder or hostage must be a Kuwaiti citizen.
Know everything about Kuwait if you planning about buying a house in Kuwait at https://www.aqarat.com.kw/
