Kuwait Real Estate News
Kuwaiti property market will witness a boom in 2008
Kuwait is likely to witness a real estate boom during the current year, which would have a beneficial impact on the Kuwait economy, commented Faraj Al-Khudhari, Chairman of Al-Mutakhassis Real Estate, recently.
His predictions in the report were based on various positive indications pertaining to the improvement level of the Kuwait property market.
One such factor is the lowering of income tax from 55 percent to 15 percent on multinationals, operating in Kuwait. This initiative was undertaken with an intention to draw more foreign investment capital.
The second positive indication was the launch of GCC's common market, inline with the recommendations by GCC leaders during their previous summits. The third positive factor was the release of some land to the local Housing Authority by the Kuwait Petroleum Company, so that it could be used for construction of low budget housing to families with limited income. The scheme aims to bring in about 16,000 low budget housing units, so as to benefit those at the lower end of the scale in Kuwait.
Finally, the plan to construct a rail link, and the underground rail network, worth around $14billion, which are to be approved by the National Assembly next year, is another positive indicator.
Based on these optimistic lines, the report stated that the Kuwait realty sector is likely to witness a boom in 2008.
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