Kuwait Real Estate News
Housing sector of Kuwait remains unstable
The housing sector in Kuwait has witnessed instability in demand and supply, anticipating a new law, that aims to prevent increase in prices of housing, revealed an expert.
Yousif Al-Alian, an expert at Al-Mishkat Real Estate Company, stated that last month, there was a huge drop in prices of housing, particularly, in areas where the services and infrastructure is poor. However, prices for private housing soared in other areas with good infrastructure and proper services.
According to the expert, anticipation of the impact of the new law is the cause behind this change. He continued that, the only hope for citizens now is the state housing. The prices for such units too, have been affected. There was hardly any demand for land in January, due to the fear of increasing cost for construction materials.
The industrial sector, however, witnessed boom, as investors were not hesitant in investing huge sums of money, and the commercial sector too, witnessed good demand, but poor supply, as the owners were refusing to sell, as the prices continued to soar.
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