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
Kuwait plans mega projects worth billions in next four years
Kuwait plans to adopt US$100bn plan to develop mega projects over the next four years.
Call for change in property assessment standards
Real estate assessment in Kuwait should be based on real standards developed on the basis of scientific and realistic ground, and the prices should not be manipulated depending on activities of private companies facing technical problems with their budgets, warned real estate and economy experts in Kuwait.
Kuwaiti real estate firms operating abroad to return home
Kuwaiti real estate companies are scattered across several countries in the world, as they seek more profitable and safer opportunities.
2009- Year of revival for Kuwait property sector
There has been a revival in Kuwait property sector towards the end of this year, particularly in new housing localities, a real estate expert in Kuwait commented.
Abyaar Real Estate records KD5mn net profit
Kuwait-based Abyaar Real Estate Development Company has recorded profit worth KD5mn during the first nine months of 2009, with earnings per share of 6.
Boubyan Island development nears completion
The Bobyan Island development dream has now come closer to reality with the announcement of completion around the corner.
No limitations for holding property exhibitions
There should be no limitations for holding real estate exhibitions in at least two months a year, announced Rashid Al-Tabtabai, the Undersecretary of the Ministry of Commerce and Industry.
KFH participates in the ongoing Kuwait property expo
Kuwait Finance House (KFH) is one of the participants at the ongoing Kuwait International Real Estate Exhibition organized by Top Expo Group, together with the Kuwait International Exhibition Company.
Kuwait tops realty investors in UK
Kuwait currently tops the list of investors in UK, revealed the Minister of Finance, Mustafa Al-Shamali.
Reports offer contradictory views on status of Kuwait realty market
Ever-since the government placed restriction in 2008, banning private firms from purchasing existing property in Kuwait, the real estate sector in Kuwait has suffered drawbacks.