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
Kuwaiti realty sector droops under poor weather conditions
Kuwait has been witnessing bad weather last month, which has had a negative impact and constituted a real crisis for the real estate business in the country, reports The Kuwait Times.
Kuwaiti firm plans to sell a property in The World
Oqyana, an affiliate of Islamic company, Investment Dar, plans to enter into deals to sell property in a major Dubai project by the end of the year.
Slump in Kuwait realty sector attributed to overpriced properties
According to a local property firm, Al-Mutakhasses, the recent fall that Kuwait property sector is facing, is due to the fact that buyers are being priced out of market values.
Real estate sales plummets in Kuwait
Following a steep hike in March, the real estate sales in Kuwait witnessed a drop in April.
Kuwait realty market picks up pace in March
According to the recently issued economic report on the monthly statistics of registered real estate contracts in Kuwait by the Ministry of Justice, the National Bank of Kuwait (NBK) is said to have reported that the real estate sales in Kuwait rebounded in March after a sharp decline during the previous month.
Al-Hamra project will give Kuwait a unique identity
Al Hamra Real Estate Company in Kuwait, which is currently constructing Al-Hamra complex, has announced the official inauguration of its Customer Relations Center (CRC).
Demand for residential units may touch 100,000 by 2010
The instability of the geopolitical situation in the region, together with the sudden drop in oil prices, could pose a threat to Kuwait real estate sector, reported the Kuwait Financial Center in their real estate report.
500 properties of 20 countries displayed at Kuwait Property Expo
The Kuwait International Property Show, inaugurated by Rashid Al-Tabtabaie, the Undersecretary of Commerce and Industry, has placed the participants with an opportunity to view and invest in more than 500 properties from 20 different countries.
GCC investors interested in off-plan property purchase
Nearly nine out of ten investors who intend to purchase a property in the GCC admit that they would buy off-plan, reveals the findings of Property Survey 2008 by ArabianBusiness.
Kuwaiti Citizens co-operates with government to remove illegal structures
Numerous citizens in Kuwait, willingly demolished 97 percent of the 200 illegal structures in various areas in Kuwait, reports KUNA.