Kuwait Real Estate News
Kuwaiti realty sector droops under poor weather conditions
Kuwait has been witnessing bad weather last month, which has had a negative impact and constituted a real crisis for the real estate business in the country, reports The Kuwait Times.
The investors were pre-occupied by the month-long sandstorms and hot weather, reports Faraj Al-Khedhri, Board Chairman, Experts Real Estate Company.
The market usually comes to a standstill during summer, but the severe sandstorms and hot weather during the past couple of days has literally brought the market to a standstill, he pointed out.
The bad weather, which began in May this year, is likely to last till the end of July or probably till late this year.
It has had a heavy toll on the economic activity and has compelled Kuwaitis to leave the country, who had otherwise planned to spend their summer here.
However, this economic droop has failed to check the soaring prices of commodities and real properties, either.
Both citizens and expatriates are still suffering the problem of high prices and rents in the property market. The problem is long-standing, as it has to do with the demand and supply gap.
The confrontation of the property market is likely to continue for a long time and take its toll on the public, particularly the expatriates.
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