KUWAIT: The events of Kuwait International Property Show KIPS 2015-a unique and unanimous real-estate fair in Kuwait, organised by Top Expo Group in the Kuwait International Fair Ground, Mishref, is to be launched today under the patronage of Sheikh Nemer Fahad Al-Malik Al-Sabah, the undersecretary assistant for World Organisations, Affairs and Foreign Trade of Ministry of Industry and Commerce, with the presence of a large number of ambassadors and economic and social figures. The events of the show will continue to take place till October 10th.
Managing Director of the Group, deputized to the Show, Walid Al-Qadoumi stated: "This is of great significance in terms of its relevance to the real-estate sector, currently being one of the most viable economic sectors in Kuwait and worldwide. A second significant element is that, the Show of this year is one of the biggest amongst real-estate fairs in Kuwait, hitting a unique record with 74 real-estate, investment and financial companies participating therein, including local banks. Participants introduced more than 250 real-estate projects, distributed amongst 15 countries across the world, mainly: Kuwait, UAE, Saudi Arabia, Bahrain, Sultanate of Oman, Jordan, Egypt, UK, France, USA, Germany, Bulgaria, Spain, Georgia, Bosnia and Turkey.
Al-Qadoumi elaborated: "The great number of real-estate companies assembling in this show proves that real-estate has been, and will remain the best investment option of all time. A fact that was clearly evident during the varied and numerous crises shaking regional and world markets; whether political or economic - during which real-estate remained a safe heaven and balanced investment, unlike other economic sectors, which were fluctuating and evidently declining worldwide. Financial and stock markets were especially impacted in this regard experiencing great decline, blowing away a considerable number of banks and companies, ultimately urging some of them to announce bankruptcy or collapse".
Future investment
Al-Qadoumi added: "The demand for real-estate is mostly of two parts: the first part is local demand for property apartments. This part is now booming as they attract a wide segment of citizens seeking these real-estate products, being a secured resident or otherwise. Real-estate represents both a tentative and future investment, especially in light of the great increase of lands and residential villa prices accompanied by excessive construction cost". Moreover, Al-Qadoumi pointed to a great number of similar projects extending in various locations currently exhibited in this round of the Show. As for the other part of real-estate demand, Al-Qadoumi mentioned: "This demand is based on the increasing momentum of foreign real-estate investment, whether for business purposes, or as residence outside Kuwait. Nowadays, many Kuwaiti citizens are willing to purchase real-estate and residence apartments in a number of politically and economically stable countries".
On the other hand, Al-Qadoumi praised Top Expo Group's insistence on all companies committing themselves to the Ministry's requirements and terms. He added: "We are fully confident these companies are reliable enough, still, this does not exclusively relieve the client from doing proper investigation on the company, the project or the real-estate developer. It is advice we urge all those who are about to perform their purchase to take, mainly to explore the location and the features of the real-estate to be purchased; which is a sound pre-requirement for a safe contracting process, that contributes to avoiding any future misconception".
Free legal consultation
Expressing its best protection of clients' interests, the group offered free legal consultation for its clients by help of the Attorney Office, Mudhi Al-Sabah along with her legal team to be present throughout the Show. Al-Qadoumi added: "Since the number of projects exhibited in the Show from Turkey is enormous, the group will be hosting the Turkish attorney Gozden Papuju to answer visitor's inquiries FOC, allocating a special booth to this attorney". Therefore, Al-Qadoumi called upon the visitors to benefit from her legal services and receive proper answers for their inquiries prior to making their purchase.
He equally offered his advice to the investors to thoroughly review the project and the location wherein the real-estate units exist, prior to finalizing their purchase, and further seek the help of specialised parties to investigate the real-estate and review the solvency of the real-estate developer, especially when the real-estate is under construction. He urged them not to limit finalising their purchase process through the purchase or marketing agents of the real-estate company, whose first and ultimate interest is just to promote their project. Speaking to investors, Al-Qadoumi said: "Don't be over taken by the low prices, nor be tempted by the promising returns. You need to be aware of the re-sale possibility thereafter. You need to consult a real-estate attorney at the real-estate country of origin and be acquainted with real-estate regulations therein. You need to pay an actual visit to the project location, review the standards, carefully read the contracts and consult an attorney or an advisor. You need to confirm the contract covers all the terms and agreed rights, as some rights are verbally spoken, therefore not regarded as obligatory to the vendor when not documented in the contract". Al-Qadoumi stressed that visiting the country of the real-estate and exploring the real-estate before making any contractual commitment or affecting any payment to the real-estate developer is a relief to the purchaser and contributes to making the right purchasing decision.
He concluded by calling upon investors to visit the Show, to take advantage of the opportunities introduced therein and select their most appropriate real-estate product, whether for residence or investment purposes.
© Kuwait Times 2015
