Kuwaitis are the biggest investors in Spanish property from the Gulf region, reveals the Kuwaiti Embassy in Spain.
Over the years Kuwaitis have bought more than 7,000 homes in Spain with a significant increase in the years following the Coronavirus pandemic, reports the Arab Times, based on numbers provided by the Kuwaiti Embassy in Madrid.
They are said to be buying between 40 and 50 homes in Spain each year, with a growth rate of 20 pc in the most recent period, mainly in Andalusia / Malaga / the Costa del Sol.
Reportedly, Kuwaitis typically spend between 250,000 and 450,000 euros on property in Spain, which would not qualify for a Golden Visa.
Kuwait’s Ambassador to Spain, Khalifa Al-Kharafi, has said that “Spain is among the preferred destinations for Kuwaiti property-owners in Europe.” Kuwaitis are reportedly selling up in other countries in favour of Spain.
According to the Ambassador, Spain attracts Kuwaiti investors with its “stable security and political environment, competitive real estate prices compared to neighbouring European countries, the quality of residential projects, and the country’s moderate climate,” as reported in The Arab Times.
