Kuwaitis interested in Azerbaijan's real estate

By Azernews

By Amina Nazarli

The rising number of Arabian tourists visiting Azerbaijan affected the real estate market of the country, along with its tourism sector.  More and more Arabs wish to buy an apartment in Baku.

Baku’s Ambassador to Kuwait Elkhan Gahraman, talking to Trend, confirmed this saying that Kuwaiti investors show interest in the real estate market of Azerbaijan.

"Kuwaitis like to make tourist trips and according to the statistics of recent years, they spend an average of about $10 billion during the year on such trips," the ambassador noted. "In many cases, during such trips, Kuwaitis explore new business opportunities, buy luxury apartments, houses and land lots abroad."

The ambassador went on to say that in addition, they show great interest in creation of farms, renting of large areas for breeding cattle in Azerbaijan.

The Azerbaijani legislation puts no restrictions on the purchase of house for foreigners. But, according to the Land Code, restrictions are imposed for private ownership of land plot, that is, foreigners cannot buy plot of land in Azerbaijan.

He further reminded that the investors of Kuwait already invested in Azerbaijan’s economy and chose agriculture and favorable recreational tourist areas as priority directions.

The diplomat added that businessmen of Kuwait launched their first investment projects in Azerbaijan’s Gabala, Ismayilli, Guba and Gusar regions.

The ambassador said that the tourism potential of Azerbaijan plays an important role for the development of economic relations between the two countries.

Recently, Azerbaijan and Kuwait signed an intergovernmental agreement on air communication, aiming to remove obstacles for opening of air links between the two countries, which will contribute to further development of bilateral economic and cultural relations between the two sides.

The diplomat expressed hope that the opening of direct flights between Azerbaijan and Kuwait will lead to a significant increase in trade relations between the two states.

The ambassador also added that Kuwait already imports agricultural products from Azerbaijan.

In particular, on the basis of a contract with the Azerbaijani juice plant in Gabala region, the Kuwait Azeri Trading Establishment Company buys products of this enterprise for delivery to the Kuwaiti market, he said.

Currently, the work is underway to expand the list of names of the goods imported from Azerbaijan to Kuwait, Gahraman said.

The trade turnover between Azerbaijan and Kuwait in January-September 2016 amounted to $2.96 million, according to the State Statistics Committee of Azerbaijan.