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Kuwait tops GCC countries for investment in real estate
It has been learnt that Kuwait is the topmost Gulf Cooperation Council (GCC) country to invest in real estate. A total of 21,011 nationals have been holding real estate properties in the region until 2007, according to a survey by the GCC General Secretariat.
Kuwait has been followed by Saudi Arabia with 7507 of its citizens owning properties, followed by the UAE with 4,463 real estate owners and Bahrain with 3,225.
The year 2007 recorded maximum property transactions in GCC. Several GCC beneficiaries owned properties during the year, with an estimated 6.716 owning properties at the beginning of 2007, while 39,000 owned properties by the end of 2007.
The year 2007 is also the year when GCC joint market was launched at Doha Summit, which prompted 3,054 Kuwaitis and 1337 Saudis to purchase real estate in the GCC.
The GCC joint market grants Gulf Citizens equal rights as that of nationals in each Gulf country they are entitled to.
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