Kuwait: Real estate sector warns about the negative effect of demographic law

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Kuwait: Real estate sector warns about the negative effect of demographic law

Kuwait: Real estate sector warns about the negative effect of demographic law

The real estate sector has warned against enacting laws that would negatively affect the real estate sector, which includes laws related to the restructuring of demographics and ending residence of expats above 60 yrs of age.

These types of decisions will seriously damage the economy, the sector warned. It noted that many of those over the age of sixty years are either merchants, who occupy commercial or investment properties.

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The real estate sector plays an integral part of the economy in all countries and any decision to implement such decisions without complete study will hamper countries development and will significantly affect the economy in general.

The investment sector depends on its performance on the expatriate segment. Any damage to the real estate sector will harm many other sectors, especially the financial sector, as it constitutes a large part of bank loans.