Kuwait Real Estate News
Prices of housing drops 50 percent in Kuwait
Prices of real estate properties particularly that of residential units have dropped by 50 percent, announced the Undersecretary of Commerce.
Speaking during the 22nd Real Estate and Investment Fair, Rashid Al-Tabtabaei, said that the prices of properties vary from region to region, with regard to location of the plot, nature of the region and services available.
He continued that major economic sectors such as the real estate, finance, tourism and oil have taken a back-seat in Kuwait and other countries due to the ongoing global recession. But, the local authorities have taken measures to cope with these external negative effects.
The Board Chairman of Expor Group for Organization of Fairs and Conferences, Sheikh Malek Bader Al-Salman Al-Sabah said that the exhibition organized together with Kuwait International Fair Company, said that the fair is an opportunity to choose the investment opportunities in this sector.
Real Estate has been a safe refuge for investors during the fierce fluctuations noticed in the local, regional and international finance markets. The property markets in various regional states and foreign countries have undergone corrections, which brought conditions back to normal, Sheikh Malik said.
Real estate markets are suitable for investments by the limited and medium income entrepreneurs. About 100 or more real estate projects from about 15 states are promoted at the exhibition venue, he added.
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