Kuwait Real Estate News
Kuwait Realty Sector considered safe and stable
The Kuwait real estate sector, which includes both commercial, housing and investment properties, has proved to be the safest and most stable one, all through the year.
A report by Al-Mishkat Real Estate Co., said that the housing sector in Kuwait was very popular during beginning of 2007 in all areas, and this increase in popularity was from the part of large and small investors, as well as those purchasing real estate for residential purposes.
The report, went on to state that, the performance fluctuation of the stock market during the first quarter, motivated the investors to invest in realty sector, as it seemed to be a safer means for carrying on businesses, which made the property sector, even stronger.
During the second quarter, residential areas such as the South Surra, Oqaila, and Ishbilya, received greater popularity. A plot of land, measuring 500 suware meters touched KD400 in Hiteen and Salam, while it was marked at KD340 in Shuhada, and KD300 in Zahra.
Land prices hit a high of KD500 per sq.mt., for a plot of land measuring 375 square meters, in some areas.
Houses with two floors and a basement, were priced at KD3,00,000 and the price increased with additional floors. However, for areas that had no initiatives being made for completing infrastructure works, such as the Miseela, Funaitees, Abu Fatira and East Qurain, the prices remained reasonable during the beginning of the year. However, during the third quarter it increased by almost 100 percent.
Prices for more demanded areas such as the Abdullah Al-Salem Area, touched KD1500, while the Shaab and Adailiya was around KD1000. Greatest activity of investment was witnessed in Salmiya, Farwaniya and Hawally. The prices are likely to go up further this year. As for the commercial sector, the price per square meter of land was valued at KD2000 in Jahra, and KD10,000 in Kuwait City.
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