Kuwait Real Estate News
Kuwaiti realty market improves during third quarter, say report
During the third quarter of 2007, the local real estate market in Kuwait grew by one percent, as against the second quarter of this year, said a report released by the Kuwait Financial House (KFH).
It revealed that the general stagnation in property deals were due to the fact that real estate owners and investors were busy with their summer vacation during the second quarter of the year.
Also, the increase in demand in housing was due to the fact that with constant increase in population coupled with shortage of land, people had to wait endlessly to get their housing from the government. This increase in real estate deals and prices in-turn increased the already increasing Kuwaiti crude price that exceeds USD 75 during third quarter of 2007 and is also the outcome of Central Bank of Kuwait (CBK) for reducing inflation.
Currently the Kuwaiti realty market is seeing an increase in buying and selling activities at home and abroad. The number of property units sold or purchased, whether for investment or housing purposes, until end of October this year, has almost touched 500 units, revealed the Chairman of Al-Mutakhsis Real Estate Company, Faraj Al-Khudari.
However, the one aspect that real estate companies need to improve upon is the customer services, including phone services, specialized salesmen and warranties, and selling centers. A successful property company should provide professional realty services to customers, noted Al-Khudari.
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