Kuwait Real Estate News
Kuwait to probe increasing real estate prices
The Minister of Commerce and Industry in Kuwait, Falah Fahad Al-Hajri, has revealed that his ministry has been designated the task of compiling a study on the reasons behind the increasing costs of land and real estate and the possible ways to tackle the problem.
On completion, the study will be referred to the cabinet to control the growing rates of real estate through joint efforts by both executive and legislative authorities.
The Arab Gulf Countries are seeing a rising curve of real estate prices, the main cause of which are the increasing prices of oil and scarcity of land. The proposed study aims to find a solution or a mechanism for controlling the increased rates of real estate prices through the amendment of existing legislations and by introduction of new ones.
Al-Hajri mentioned that his ministry was keen on conducting exhibitions, particularly pertaining to real estate, as such events help in integrating the regional and local experiences and a layman would be easily able to identify the appropriate location for residence or business purposes.
The 'Real Estate World' exhibition that the ministry plans to organize will be a four-day event, comprising representative of seven European, Arabian, local and Kuwaiti firms. About 25 percent of the real estate projects to be displayed at the exhibition will be by local firms, revealed the Managing director of Kuwait Expo, Fuad Al-Wahib.
Fuad Al-Wahib pointed out that the exhibition reveals the fact that private sector in Kuwait is really capable of taking control of commercial and financial activities in the region, while the value of projects displayed indicate the ability of Kuwait to emerge as leading commercial and regional hub.
However, he noted that some laws such as the law on foreigners ownership and regulations pertaining to building satellite cities in Kuwait may require amendment.
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