Kuwait Real Estate
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.
Kuwait Real Estate News
The real estate market in Kuwait has seen a decline due to seasonal reasons and also partially due to global economic developments, according to the third quarter real estate report issued by Kuwait International Bank.
Sales across three main real estate sectors in Kuwait totalled to KD256mn in May this year, marking 28 percent decrease compared to previous year, a report by National Bank of Kuwait (NBK) said.
Experts in local real estate market are of the opinion that second half of the year will see drop in prices due to recession during the summer season, apart from regional factors.
Leading mixed-use real estate developer, Tamdeen Group has unveiled plans to develop a waterfront resort-style apartment project, spanning 350,000 sqm worth $700million in Kuwait.
Kuwait has announced plans that it may re-tender a multibillion dollar project to build a second terminal at its airport, and the new tender may include separate packages.
The inaugural Cityscape Kuwait, the premier real estate development and investment event in Kuwait has been a major boost to real estate landscape in the country.
Necessary procedures would be initiated to stop the trend of accommodation of bachelors in private residential areas, and alternative solutions would be offered to residents of affected buildings, said Essa Al-Kandari, Minister of Communications and Municipality.
India Property Exhibition 2014 will be held on 19th and 20th September at Holiday Inn, Salmiya, Kuwait from 10.
The Big 5 Kuwait, the largest building and construction exhibition has announced dates for its second edition.
Property sales value in Kuwait hit record in April, breaking the KD400mn mark, as the sector rebounded and business sentiment improved.
Al Tijaria Real Estate Company has announced the commencement of second phase of its new project, The Lobby, in support of small businesses.
The real estate data for the month of February 2014 shows a total of KD266mn worth sales, marking a 22 percent year-on-year increase, states the latest economic update by National Bank of Kuwait (NBK).
The recently concluded IIK Real Estate and Investment Exhibition 2014 saw huge visitor gathering, and was a success.
Kuwait International Property Show (KIPS) held at the Kuwait International Fair Ground, Mishref Hall 8, concluded on 23 November 2013.
Property sales surged 44 percent in Kuwait month-on-month this September to touch KD320mn, owing to strong response from residential and investment sector, said the latest report from National Bank of Kuwait (NBK).
Property sales in Kuwait registered a solid 72 percent growth year-on-year, marking a six-year high of KD426mn, a recent report said.
The real estate sales in the month of June in Kuwait has grown by 27 percent year-on-year, so as to touch 339mn, and the growth in sales was across three major segments of the market, said the latest National Bank of Kuwait (NBK) report.
The leading retail and hospitality conglomerate, the Landmark Group, has launched its largest Centrepoint and Home Centre stores in Kuwait.
The municipal authorities in Kuwait have urged nationals and residents to be updated about the legal requirements and terms for renting and purchase of housing units in residential districts.
According to National Bank of Kuwait (NBK), the real estate sales in the country jumped 19 percent annually in March, totaling to KD293mn.