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
Abyaar set to acquire new real estate company
Abyaar Real Estate Development has announced plans to acquire Sanam Real Estate Company listed on the Kuwait Stock Exchange, a spokesperson who spoke to Emirates Business revealed.
Kuwait property sector leveling out
Kuwait property sector has had a rough ride, just as its counterparts elsewhere in the region.
Kuwait sees steep increase in purchase of existing homes
In its latest economic brief on monthly statistics issued by Ministry of Justice (MoJ), excluding agent sales, the National Bank of Kuwait reports that property sales picked up in April.
Earnings of GCC real estate firms to shrink 20 percent
The Kuwait Financial Center, Markaz, in its recent research report which detailed the past trends in the earnings of GCC property companies, and assessed their future course, noted that the earnings of the real estate companies in GCC will shrink by 20 percent this year.
Real estate witnesses decline in prices in Q2 2009
The Kuwaiti property market witnessed an imbalance in supply-demand, and underwent a decline, particularly in certain areas within Kuwait City.
Prices of housing drops 50 percent in Kuwait
Prices of real estate properties particularly that of residential units have dropped by 50 percent, announced the Undersecretary of Commerce.
Al Mazaya signs deal to acquire First Dubai Real Estate
Al Mazaya Holding Company has entered into an agreement with Al Shall Consulting Company for carrying on consultancy services to acquire First Dubai Real Estate.
Major GCC economies likely to slip into recession this year
The International Monetary Fund (IMF) has slashed its growth forecast for the GCC and has predicted that the regions largest oil exporters which includes Saudi Arabia, Kuwait and the UAE, are likely to slip into recession this year.
Ministry warns violators of state property leasing contracts
The Ministry of Finance has declared that strict action will be taken on violators of leasing contracts for state property, irrespective of whether the contract has been signed between individuals, companies or institutions.
Kuwait records decline in property sales
In its latest economic brief on monthly statistics of registered real estate contracts, as issued by the Ministry of Justice, the National Bank of Kuwait, reports that the real estate sales remained weak in March, following a huge jump in February.
Looking for dubai information then visit ameinfo.com.