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 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.
United Real Estate Company (URC), a leading real estate developer in MENA region, headquartered in Kuwait, announced signing of deal with Real Estate Association (REA), a leading non-profit organization in Kuwait to promote learning and development opportunities for real estate professionals in Kuwait.
The real estate sales in Kuwait has doubled, touching KD275.
The real estate sales in October totaled to KD219 million this year, marking a KD40million dip.
The Kuwaiti Emir, HH Amir Sheikh Sabah Al-Ahmad Al-Jaber yesterday unveiled the Al-Hamra Tower and its shopping mall in Sharq District in the centre of the capital.
The Undersecretary of Ministry of Social Affairs and Labour in Kuwait, Mohammed Al-Kanderi said that beginning 15th December, the Ministry will stop issuance of work permits and transfers or will stop accepting applications from the government projects and sectors, which are excluded from deferment of transactions to pave way for annual inventory in all labour sectors.
The real estate sector in Kuwait continues to send out mixed messages.
Kuwait Financial Centre (Markaz) has signed deal with Kuwait Investment Authority (KIA) to manage part of its National Real Estate Portfolio which invests in the real estate market in Kuwait.
The technical body responsible for studying development projects and initiatives of the private sector invited bidding on management development, operation and maintenance of Souk Al-Kabir real estate.
The growing cost of housing, coupled with harsh legislations, have driven several construction companies away from constructing private housing, as many are choosing to build residential apartment buildings that can be sold based on conditions set by the Bank of Savings and Credit.
Real estate transactions in Kuwait have grown by nearly 50percent, year-on-year, in first quarter this year, says report by the Kuwait International Bank (KIB).
Total value of real estate sales during last April topped KD412mn in Kuwait, the highest in five years, the National Bank of Kuwait (NBK), said in its report.
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.
Real estate sales totalled to KD246mn in March, year-on-year, said National Bank of Kuwait (NBK) in its report.
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.
The momentum generated by strong recovery of Kuwait real estate sector in early 2012, will continue all through the year.
Real estate sales activity picked up in January totalling to KD318mn, marking a 64percent growth year-on-year.
The real estate business in Kuwait has been drastically sluggish early this year, admits a real estate broker in Kuwait.
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.