KUWAIT CITY, June 2: 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… Read full this story
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