Kuwait Real Estate News
Real estate witnesses decline in prices in Q2 2009
The Kuwaiti property market witnessed an imbalance in supply-demand, and underwent a decline, particularly in certain areas within Kuwait City.
The Director of Real Estate and Evaluation Department, at Al-Mishkat Real Estate Company, Yusuf Al-Elayyan, said that the scarcity of land sale was surprising. However, few of the plots are being offered at too high prices, due to the anxiousness ahead of a summer price decline during the second month of second quarter 2009.
As for residential homes market, the prices were stable and the demand focused on revenue-generating homes and fully-leased homes, which witnessed a decline in prices.
Prices in few areas within Kuwait City, witnessed a downward curve, with the demand being high for state housing homes, due to their affordability. There was considerable demand for state homes in the price range KD125,000 or less, provided, they were recently renovated and in prime locations.
However, the demand was also considerably good for homes and lands in areas such as Al-Qurain, Sabah Al-Salem, Mubarak Al-Kabeer and Al-Adan. There was also considerable demand for apartments for sale and lease in Salmiya, Hawaii, Abuhlaifa and Farwaniya areas.
Al-Khairan residential area will soon be issued construction permits. Beginning second quarter, the prices here will go upwards touching KD35,000, while in prime locations it would go up to KD50,000.
As for the commercial real estate sector, the sales were strongest and the prices will be on the increase, Al-Elayyan said.
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