Kuwait Real Estate News
Kuwait property market sees surge in transactions
The real estate transactions in Kuwait underwent a remarkable surge during the second quarter of the year, with few investors and companies grabbing the potential real estate investment opportunities.
The total property investment during the second quarter of this year went up to KD149, an increase of 3.74 percent, compared to KD143.658million achieved during the first quarter of this year.
The land prices were stable in most governorates during the second quarter, compared to the first quarter, while prices in the capital city fell from 6 to 10 percent. Commercial property prices fell by 7.12 percent in districts during the same period.
A specialized report by Emaar Company said that the Kuwaiti government should overhaul national legislation and encourage development as the sole way to wriggle out of more ramifications of global financial crisis.
Administrative institutions need to be restructured, and new projects will have to be implemented so that the economic growth could be boosted.
Appreciating the Ministry of Commerce for having recently established a committee for development of property sector, it said that this initiative is a good step ahead towards stronger property market, which could strengthen the national economy of Kuwait.
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