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Kuwaitis own homes in Spain with an average area of 100 square meters, priced between €250,000 and €450,000, with a few investing in properties worth up to €1 million.
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Many Kuwaitis sold their properties abroad to invest in Spain, with purchases in 2024 rising 20% from 2004 and an annual growth rate of 1%.
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Spain is a top choice for Kuwaiti investors due to its stable security, competitive real estate prices, quality residential projects, and moderate climate.
Data from the Kuwaiti Embassy in Spain show that Kuwaitis own over 7,000 properties in Spain. There has been a notable increase in demand in recent years, particularly following the COVID-19 pandemic.
Kuwaitis now purchase between 45 and 50 properties annually, leading the Gulf buyers’ market in Spain, according to Al Qabas newspaper.
Purchases in 2024 saw a 20 percent increase compared to 2004, with an annual growth rate of one percent. Most of these properties are located in the Andalusia region, particularly in the province of Málaga, while the number of properties in other Spanish regions, including Barcelona, Segovia, and Toledo, does not exceed 100.
Kuwaitis own homes with an average area of 100 square meters, priced between 250,000 and 450,000 euros, with a few investing in properties worth up to one million euros.
In this regard, Khalifa Al-Kharafi, the Kuwaiti Ambassador to Spain, told KUNA on Wednesday that Spain is a preferred destination for Kuwaiti investors in Europe. He cited the stable security and political climate, competitive real estate prices compared to neighboring European countries, the quality of residential projects, and the moderate climate as key factors.
The ambassador also noted the presence of real estate companies in Kuwait that promote home ownership and investment in Spain by marketing properties that cater to Gulf tastes and requirements. He added that social media has further enhanced interest in Spain and its diverse real estate market.
He stated that demand for real estate in Spain increased after the coronavirus pandemic due to Spain’s political and financial stability. He noted that many Kuwaitis sold their properties in other countries to invest in Spain.
In addition to real estate investors, Spain is also popular among Kuwaiti tourists. The number of visitors grew following Kuwait Airways’ launch of direct flights to several Spanish cities, reaching 150,000 in 2023, with 100,000 arriving via Kuwait Airways alone. Expectations are that this number will continue to rise this year.
Data from a study conducted by the international real estate consulting company Knight Frank shows that Spain is one of the top five European countries for real estate investment, following England, Germany, France, and the Netherlands.
The real estate sector is a key component of the Spanish economy, contributing eleven percent to the country’s gross domestic product (GDP) in 2022. Additionally, it provided jobs for 1.3 million people in both the construction and real estate promotion sectors, according to data from the Spanish National Institute of Statistics.
