City homes are sold off in Kuwait

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Clusters of newly-built city homes are being sold en-masse by the developer – to Kuwait.

On one estate alone 16 homes built by Barratt are unoccupied but owned by people in Kuwait.

One neighbour in Willen Park said: “I can’t understand it. Kuwait has a booming property market of its own. It’s all a bit like selling sand to the Arabs.”

The Kuwait Times newspaper recently wrote about an “exclusive agreement” between Barratt and the Kuwait-based Top Real Estate Group.

Real estate manager Mohammed Waleed Al-Qaddoumi is quoted saying how his group is marketing homes priced between £165,000 and £450,000 on “several sites” in Milton Keynes.

Mr Al-Qaddoumi describes Milton Keynes as “a promising real estate area” with good transport links to London . He said the city’s rental market is “high and stable”, showing better returns than London.

City campaigner, Sam Crooks, told the Citizen: “I always welcome people from abroad coming to Milton Keynes, providing they intend to live here and be part of our community. MK is no place for second homes.”

A spokesman for Barratt, which has three other developments in MK, said: “We have been working with Top Real Estate Group, an overseas marketing agent who has assisted us with a number of sales at the now sold out Gyosei development on Japonica Lane. Since the 1970s there has been a strong relationship between Kuwait and MK.”