Kuwait Real Estate News
Kuwait realty sector hit by global financial turmoil, and laws
The real estate sector in Kuwait has borne the negative impact of several factors, including laws and the world economic crisis, revealed a report by the Kuwait Finance House (KFH) on Wednesday.
The report said that Laws 8 and 9 issued in February last year, had forbidden all individual companies and corporations from being involved in purchase, sale and mortgaging. It also banned Islamic Banks from financing residential real estate and reducing trading.
To add to this, the decrease in prices coincided with decline in demand caused by world financial turmoil.
The shares of real estate companies listed in the Kuwait Stock Exchange (KSE) were also affected, while the index of real estate sector in the market dropped from KD4.0bn to KD2.6bn, with a 32 percent drop last year, when compared to 2007.
The report also indicates that the property sector in Kuwait, witnessed considerable developments over the past couple of years, due to increase of oil prices and profits thereof.
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