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Kuwait housing rents to grow by 15 percent in 2010
The forecasts by Markaz (Kuwait Financial Center) may turn into reality in 2010, when real estate prices in Kuwait increases by 10 percent. The apartment rents will increase by 15 percent.
Economic and lending activities are likely to benefit from the sustained revival in 2010. A moderate price recovery could be expected in the range 5 to 10 percent in the private residences segment, as the economy began to bounce back, leading to demand for housing from the affluent, Markaz said in its prediction.
Apartment rents vary between locations, for instance, if you rent flats in Mahboula, the rent amount could range between KD200 to KD230, which is KD50 to KD80 higher than in areas such as Hawally, Salmiya and Jabriya.
Although Kuwait follows the practice of sharing accommodation, the practice has no takers among Arabs.
According to Markaz, towards the year 2015, there could be demand for 46,000 or more homes, in addition to 92,000 pending housing applications, which the citizens had previously filed. Housing and residential projects in Kuwait will continue to rise even after the projected time frame.
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