Saturday, January 21, 2017

Kuwait's expat tax move 'to hit property sector badly'

Kuwait's real estate sector, especially the investment and commercial segments, will be severely affected if the government goes ahead with its decision to impose taxes and increase fees on expatriates, said a report.

The negative impact on the entire real- estate sector especially the investment segment will be massive if the recent statements issued against expatriates are transformed into decisions, reported Arab Times, citing a top industry expert.

"About 90 per cent of the flats in Kuwait are rented out to expatriates; therefore, any actions that could lead to a mass exodus of expatriates will hit the sector very badly," stated Abdulrahman Al Habib, the head of the Real Estate Brokers Association.  

Al Shabib Real Estate Group chairman Bader Al Shabib said rents of most of the flats in Kuwait are likely to fall 13 per cent this year, since many expatriates have already taken steps to send their families back to their home countries.

In such a scenario, the real estate sector will be facing a serious problem this summer, he added.

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