To meet the need of Kuwaiti property owners and investors, several companies have been established to provide comprehensive real estate services
Staff Writer, Kuwait News Agency (KUNA)
News report by Hanadi Watfa MADRID, Sept 4 (KUNA) — The real estate market in Spain was gaining significant interest from property owners and investors worldwide, with particular appeal among Kuwaiti and Gulf nationals seeking homes for residence, vacation, or investment.
Spain attracts those interested in purchasing property due to its security, political stability, advanced infrastructure, and organized and its stable real estate market.
Spain offers real estate that caters to all tastes and needs, along with competitive prices, fees, and taxes compared to other European countries.
The southern region of Spain, especially Malaga, continues to attract Kuwaiti investors due to its unique features, such as moderate Mediterranean climate, strategic location, landscape, diverse cultural offerings, comprehensive services, and accessible real estate financing.
Malaga and its famous coastal towns, such as Marbella, Fuengirola, Torremolinos, Mijas and Benalmadena have long been attracting tourists and visitors since the 1950’s, the area has also became a popular destination for Kuwaiti, who began acquiring houses there since the 1980’s.
Cities like Barcelona, the capital of Catalonia in northern Spain, Madrid, the Spanish capital, as well as Segovia and Toledo, have also attracted Kuwaitis’ interest in real estate investments, albeit on a much smaller scale.
To meet the need of Kuwaiti property owners and investors, several companies have been established to provide comprehensive real estate services, consulting, and property management, ensuring the care of the owners’ assets.
Data from the Kuwaiti Embassy in Spain indicates that Kuwaitis own more than 7,000 properties in Spain, with an increase in the demand for purchases in recent years, especially after the pandemic COVID-19, where Kuwaitis buy between 45 to 50 properties annually, topping the ranking of GCC nationals buyers in Spain.
Kuwaitis own homes in Spain with an average area of 100 square meters and prices ranging from EUR 250,000 to EUR 450,000 (USD 279,000 to USD 502,000), and a small number invest in homes worth EUR one million (USD 1.12 million).
Property purchases in 2024 saw a 20 percent increase compared to 2014, with most properties located in Andalusia, while properties in other Spanish regions remain below 100.
Kuwait’s Ambassador to Spain Khalifa Al-Kharafi told KUNA that the stable security and political environment, along with competitive real estate prices compared to neighboring European countries, the climate and other factors all contributed to attracts investors and buyers.
Ambassador Al-Kharafi noted that there were real estate companies in Kuwait that promote homeownership and investment in Spain, he also mentioned that marketing companies were offering properties that cater to Gulf nationals’ tastes and requirements, with social media also playing a role in enhancing interest in Spain’s real estate market.
The ambassador highlighted that the demand for purchasing real estate in Spain grew post-COVID-19, driven by political and financial security, he also noted that some Kuwaitis have sold their properties in other countries to purchase in Spain.
The Kuwait embassy in Spain plays a significant role in ensuring a positive experience for Kuwaiti investors and property owners by providing specialized services through its consular office in Malaga, which operated from June to the end of September each year.
Ambassador Al-Kharafi stated that the consular offices address the needs of Kuwaitis who travel to Spain, whether for vacation or property ownership, by facilitating procedures and handling emergency cases.
He also mentioned that the embassy communicates with the authorities in Malaga to ease the needs of Kuwaiti visitors at airports and state institutions, offering property and commercial document authentication services, and issuing emergency travel documents when needed though (Sahel) application.
It is customary for the Kuwaiti ambassador to host an annual banquet in honor of Kuwaiti property owners in Spain, which is attended by most summer vacationers, it is highly anticipated and appreciated, offering an opportunity for citizens to communicate their needs directly to the embassy.
Spain was also attracting an increasing number of Kuwaiti tourists, whose numbers have grown after Kuwait Airways launched direct flights to some Spanish cities, bringing the number of tourists in 2023 to 150,000 visitors, including 100,000 through Kuwait Airways alone, while expectations indicate that their numbers would continue to grow this year.
According to data from Spanish Notary, non-resident foreigners invested EUR 11.6 billion (USD 12.9 billion) in buying homes in Spain in 2023 and in the first quarter of this year around EUR 2.9 billion (USD 03.24 billion), a growth of 1.4 percent in the same period last year.
It noted that non-resident foreigners invested EUR 12.1 billion (USD 13.5 billion) in 2022 and EUR 9.6 billion (USD 10.7 billion) in 2021, down from EUR 14.6 billion (USD 19.6 billion) in 2018. Since 2013, buying homes worth more than half a million euros (USD 557.9 million) has allowed foreigners to obtain the golden visa, which, according to data from the Ministry of Housing and Urban Agenda, has been granted to 14,576 people in the last decade, mostly from China, Russia, Iran, the US and Britain, respectively. (end) hnd.dss
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