Kuwait Real Estate News
Kuwait realty market witnesses a stagnating phase
The Chairman of Al-Mutakhasis Real Estate Company, Faraj Al-Khudhari, revealed that following an active period, the real estate sector in Kuwait, witnessed a period of relative calm and stagnation, leading to inflation.
According to Al-Khudhari, this requires thinking of ways to revive the market without a sudden hike in prices. He pointed out that there were about 20,000 empty apartments, which indicates that there are a minimum of about KD 7billion stagnating real estate investments in the market.
Al-Khudhari pointed out that this requires finding ways out of the situation, one of which is to “rehabilitate” the housing units. This implies that there were empty housing units at a time when people were searching for homes, but couldn’t afford it due to high prices. He opinioned that this required, offering of financial facilitations, and, activation of the role played by real estate financing institutions.
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