Kuwait Real Estate & Property Market
Kuwait property, apartments, villas, office space
The Kuwait real estate sector is witnessing an increase of positive energy that could not have come at a better time, as the Kuwait Government has entered into an ambitious twenty year plan to promote the tourism in the country. To add to this, the property sector has immensely benefited due to the announcement of the new regulation regarding Direct Foreign Capital Investment, which is bound to revolutionize the property sector. All these factors together indicate that the Kuwait real estate market which is already healthy is likely to boom further.
Due to the proposed twenty year tourism development phase, most developers expect an increased foreign interest in Kuwait property market. The Government has launched a 3.3billion US dollar project with the support of World Tourism Organisation and the UN Development Programme to build twenty hotels coupled with major tourism facilities to increase the tourist inflow to Kuwait each year.
Even the private sectors are welcome to invest in the ambitious plans so that the local companies could directly benefit from the increase in tourism, and could thereby contribute to Kuwait economy in future. This in turn, could increase the demand for holiday and residential units in Kuwait.
The citizens of Kuwait have realized the significance of the real estate sector and the local property market in Kuwait has witnessed significant development in trading and liquidity. Analysis reveal that the housing sector is the main pillar of market deals, supported by the country’s population, availability of housing system which provides suitable accommodation.
The residential real estate sector indicates strong growth, mainly due to the demand from the Kuwaiti population and the activities of the credit and saving bank. Even commercial sector shall maintain its position during the coming years due to considerable demand for business offices by private sector. Recently there has been rapid increase in expansion and development recently.
However, it is worth mentioning that the Kuwaiti property sector is already strong, and the recent developmental updates, all indicate a sustained and prolong growth in real estate activities in the country.
Kuwait Real Estate News
More job losses underway in Kuwait
One of the major local financial services firm has laid off some 40 to 80 employees, revealed the Union Head of Bank Workers in Kuwait.
Kuwait lacks foreign investments due to land restrictions
Despite its oil wealth and strategic location, Kuwait was able to attract only $123m foreign direct investment, which happens to be the lowest for a Middle Eastern country, except for the Palestinian territories, revealed the World Investment Report by United Nations 2008.
Kuwait Property Sector records highest growth earnings
Amidst the growing fears of global economic recession, the earning releases for the third quarter of this year of companies listed on Kuwait Stock Exchange (KSE) kept pouring in, with the deadline for providing financial statements fast approaching.
Abyaar confident about real estate sector in the region
The real estate sector in the region is safe and most stable for several capitals, despite the present financial crisis, said Marzooq Al Rashdan, the Vice President and Managing Director of Abyaar, when speaking about the real estate market in the region.
Kuwait likely to grant land ownership to GCC investors
Citizens from other Gulf Arab states would be permitted to own land and properties in Kuwait, according to a proposal by the Kuwait Cabinet which aims to open up its real estate sector, Reuters reported.
Abyaar Real Estate to showcase new projects during forthcoming Cityscape Dubai 2008
Abyaar Real Estate Development, one of the leading property companies in Kuwait, is all set to display three new projects during the upcoming seventh annual Cityscape Dubai Exhibition 2008 due to be held between 6th and 9th October 2008.
Kuwait Property sector witnesses recession
Trading curbs and ownership restrictions are the cause behind slowdown in Kuwait property sector, when the property market at all other Gulf nations is booming thriving on windfall oil revenues.
Al Arabiya seeking arbitration proceedings against Sama Dubai
Al Arabiya Real Estate Company in Kuwait is seeking arbitration proceedings against Sama Dubai, following the sale of plots in the Lagoon project to Union National Bank, by the government-linked developer.
Abyaar unveils new corporate identity
Abyaar Real Estate Development, the Kuwait-based property development company, has unveiled its new corporate identity, which bears the calligraphic elements of a signature, which precisely signifies the defining characteristics of commitment to passion and precision, by the developer.
Kuwait realty market hoped to rebound during Ramadan month
Although the realty market in Kuwait has noticed a drop in activities during the past five months, it is hoped to rebound during the month of Ramadan, revealed a market expert last week.
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