Buildings for Sale in Sharq (5 Ads)
About Sharq
Sharq (colloquially called Sharq) is an area of Al-Asimah Governorate (Capital) in Kuwait, named in relation to one of the four directions, which is the eastern part of Kuwait City. It is one of the largest neighborhoods of old Kuwait, located between the sea and Safat in the east of the country. It was first inhabited by senior Kuwaiti families, including Al Sabah family. Today, the eastern area contains 8 blocks, and is inhabited by several communities of different nationalities. It is considered one of the most important commercial areas in the country, and it contains dozens of buildings. High rises and skyscrapers such as Al-Hamra Tower, many commercial complexes such as Souk Sharq Mall, hospitals such as the Amiri Hospital, and other institutions such as museums and embassies.
Information About the Buildings Listed for Sale in Sharq
You can now search for buildings offered for sale in Sharq through this page of Boshamlan real estate finder website, which saves you time and does not bother you to search by moving between the multiple real estate agencies spread all over Kuwait, and if you do not find what suits you in Sharq area, you can Expand your search to include buildings offered for sale in all areas of Kuwait. Owning a building is considered a guarantee for investors, and this is due to the relatively stable and fixed returns on capital, but focus must be placed on choosing the best financier from banks in the real estate field in order for the process of financing residential or investment condominiums to be easy and comfortable, with flexible, reasonable and commensurate financing terms and solutions with your ability and financial position.
Before making the purchase, you must be familiar with what was stated in the municipality’s amendments, as the building must rise 160 m, a maximum of 40 floors for plots whose area is less than 1000 m 2, starting from the first floor. The maximum building height is 240m, with 60 floors for plots of 1000m2 or more, starting from the first floor. It also requires the presence of one elevator in each building whose height exceeds four floors, including the ground floor. In the event of an increase in the number of floors, the number of elevators is determined according to the requirements and specifications of the Kuwait fire force. The special requirements and specifications for people with special needs and the general aesthetic appearance of the building must be taken into account, with a pledge from the owner that the property is a private residence in an investment housing area and it is not allowed to be exploited commercially. With only permission to use the first and second floors for clinics and medical laboratories, provided that the approval of the Public Authority for Environmental Protection and the approval of the Ministry of Health is obtained. It is also allowed to be used for nurseries, provided that the conditions for nurseries are adhered to.
Owning a building is not as easy as some think, it can make you one of the richest investors or lead to a big loss, especially in the case of dealing with bad tenants and tenant complaints in general and dealing with everything related to repair and maintenance. Owning a property for the purpose of renting is a daunting responsibility. It is preferable to invest in mixed-use buildings, in which tenants get exclusive access to all kinds of facilities such as gymnasiums, shops...etc. All of this will increase the chances of renting your building at the desired price. In order to ensure that your purchase of the building is a good process, you must follow a set of important legal steps and the necessary procedures, as we mention some of them:
Ask the seller to view and review his ownership documents of the building and verify his capacity and that he has the right to dispose of this building.
Review the building data, and if this unit has more than one seller, for example, if it is among the heirs of a group of individuals, then in this case you must make sure that all owners agree to sell this building.
Make sure that this property was built on a building permit and is not trespassing on state property and that the floors of this property are in conformity with the license and that there are no violating floors.
One of the most important procedures that guarantees your full rights is to mention all the unit data in the contract, such as the total area.