Kuwait Real Estate Investors In Lebanon


KUWAIT: A new crisis is brewing in the local real estate market and this time the victims are the Kuwaiti real estate investors in Lebanon, particularly in the Baalbek Valley, reports Al-Rai daily.

The daily quoting highly reliable sources said many investors purchased plots of land in a project called the ‘The Kuwaitis Hill’ only to discover a year later that they have invested the money in a ‘Illusionary Hill’. It has been reported at least 10 Kuwaiti real estate investors have been looted by two Lebanese brothers who owned a real estate and contracting company. It has also been reported, until recently the two brothers have been living in Kuwait. The Kuwaitis are now preparing to file lawsuits against the brothers in Lebanese courts. The victims say the brothers did not abide by the terms of contracts. To a large extent the housing projects until date remain ink on paper and to add insult to injury the plots of lands purchased by the Kuwaitis have not been registered in their names, but have been reportedly sold to other parties to offset their own debts.

According to the Lebanese law, foreigners are allowed to possess only a small plot of land so the victims had no alternative but to register the land they bought and paid for in full in the names of the two brothers. Meanwhile, Acting Undersecretary for Financial and Administrative Affairs at the Ministry of Public Works Buthaina Al-Subaie, has issued a decision to open the door to hear grievances of ministry’s employees on the disbursement of excellent work rewards, reports Al-Anba daily Informed sources said that the administrative and financial affairs sector of the ministry has opened the door to receive grievances from ministry employees who did not receive the excellent performance bonus for the past year. According to the decision, these grievances will be accepted until June 21, 2018. In a circular to its employees Sunday, the ministry called on those who wish to file a complaint to submit an official letter to the Department of Administrative Affairs explaining their personal views and the content of their grievances.

The ministry began to deal with the complaints of employees related to employment affairs and grades and their jobs and consider their eligibility for excellent works and positions through the relevant e-mail to be submitted to the relevant committees, confirming that Acting Undersecretary Buthaina Al- Subaie gave its recommendations in this regard to deal with complaints and proposals in a very confidential and professional manner.

On the other hand, the sources confirmed that the ministry, under the direct guidance of the Minister of State for Housing Affairs and Minister of State for Services Dr Jannan Boushahri, has started implementing the open door policy which was announced at the end of last March by assigning an e-mail to receive complaints from citizens and residents regarding the services provided to them, to help the ministry follow them up to date with all professionalism and objectivity through the official channels of the ministry.

The sources stressed that the ministry is keen to implement the policy of Boushahri in complete transparency with all citizens and residents, whether they are employees or auditors in the interest of the higher interest of the ministry, pointing out that officials in the Ministry are following with interest all the observations and proposals and complaints submitted and work to resolve to upgrade the public services provided by the Ministry.

Recommendation; Milano Homes Cyprus would like to encourage our business partners and real estate investors in Kuwait, Saudi Arabia, Bahrain, Oman, Lebanon, Iran, Egypt, Jordan, Iraq, Syria,Yemen and other friendly nations in the region to explore available options and good opportunities that widely available in the Northern Cyprus which is much secured from property ballooning syndrome and other types of risks. Email us at info@milanohomescyprus.com to request good advise on how to invest on the island.

Northern Cyprus is the new Mediterranean property hotspot! With buyers from the UK, East and West Europe, Scandinavia and the Middle East increasingly lining up to buy villas, houses, land plots and apartments. You too can benefit from a secure, low-cost yet fast-rising Northern Cyprus investment in this unique non-Euro-zone economic area with an international population of residents from all over the world. The TRNC offers an ideal climate, great airport connections, brand new state-of-the-art marina and golf facilities and fabulous unspoilt beaches and scenery. Investors can benefit from a huge demand from Northen Cyprus property rentals, earning up to 15%.p.a. The North Cyprus climate is a huge incentive to those wishing to experience Aphrodite Hospitality. The island offers on average 340 days of sun per year and the warmest winter temperatures of anywhere in the general European area, being also warmer than Turkey. This makes the TRNC attractive both to those coming from cooler countries such as the UK, as well as to those ex-pats and native residents of the hotter Middle Eastern countries such as UAE, Bahrain, Kuwait,Oman and other gulf states who want to own villa or apartment in a milder climate! North Cyprus summer temperatures in July and August rarely exceed 38C and the winter is mild with frost almost unheard off.

Unlike the Middle East, Cyprus offers four distinct seasons, all offering unique attractions with the lush green Spring particularly beautiful and attracting many nature-lovers, wild-flower enthusiasts and walkers. Many ex-pat property investors from Europe love the Cyprus spring and autumn with April – June and September – November particularly popular. Cyprus climate is ideal for the golf for almost all the year and North Cyprus offers golf properties at a very reasonable price close to the brand new 18 hole Korineum Golf Course in Girne (Kyrenia)

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​​​Milano Homes Cyprus is a Real Estate Agency in Northern Cyprus, Headquartered in Lefkosa (Nicosia) and Girne (Kyrenia). Milano Homes Cyprus is a right place to go for anything you may need in Northern Cyprus like purchasing properties such as houses, villas, apartments, rental, property management, investment and land plots acquisition for commercial and residential with Turkish title deeds.

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