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
Housing units for expat labourers ready for handover this month
The housing units for expatriate labourers in Shadadiyyah and Subban are almost ready, and the projects will be handed over to the Finance Ministry this month, the Director for Expatriate Labour Housing Projects, Hayel Al Mutairi revealed last week.
Kuwait realty sales KD246mn in March year-on-year
Real estate sales totalled to KD246mn in March, year-on-year, said National Bank of Kuwait (NBK) in its report.
Al Mazaya flagship towers at Kuwait Business Town ready to rent
Al Mazaya Holding has recently announced that the two flagship towers, Mazaya 1 and Mazaya 2, located in the heart of Kuwait Business Town, are being offered for rent.
Realty sector shows improved momentum in early 2012
The momentum generated by strong recovery of Kuwait real estate sector in early 2012, will continue all through the year.
2012 to be a promising year for Kuwait real estate sector
Real estate sales activity picked up in January totalling to KD318mn, marking a 64percent growth year-on-year.
Kuwait reports a sluggish real estate market in early 2012
The real estate business in Kuwait has been drastically sluggish early this year, admits a real estate broker in Kuwait.
Property markets in GCC region to remain pressurized in 2012
With demand continuing to surpass supply, real estate prices in Saudi Arabia are continuing to grow, while all other property markets in the GCC region will continue to remain under pressure in 2012, due to challenging global conditions, claim industrial analysts.
Kuwait property sector gathers pace following summer slowdown
The sales transactions in Kuwait touched KD60mn in October this year, while 43.
Kuwait realty sector post profits
Several companies listed in Kuwait Stock Exchange (KSE), posted their third quarter results this week, with real estate sector recording the best performance.
Kuwait records decline in expat count
Nearly 45,000 expatriate workers have left Kuwait this year, while the new work permits issued have touched 90,000 in number, revealed Mohammad Al-Kandari, Ministry of Social Affairs and Labour.