Kuwait Real Estate News
Realty projects in Kuwait are worth total of US$114bn
A study conducted for the Cityscape Dubai examines the impact of economic slowdown on 3000 major regional projects, worth US$1.5trillion.
Preliminary details from most accurate and up-to-date analysis of the impact of the global slowdown on real estate sector in the Arabian Gulf have been published, ahead of next month’s Cityscape Dubai.
The study, carried out for the Cityscape organizers by Proleads, a leading research house, forms a part of the “Cityscape Intelligence Focus on Dubai Report”. The study data claims an accuracy rate of 90 percent, and takes into account more than 3000 projects worth more than US$1.5trillion currently in progress in Kuwait, Bahrain, Qatar, Oman, Saudi Arabia and the UAE.
The Proleads study has taken into account, projects with individual values, worth more than US$10mn in major hospitality, commercial, retail and residential sectors. The study confirms UAE as the hardest hit region. The study revealed that UAE retains an exceptional level of construction activity in all these sectors, with the total value of projects worth US$900billion.
The global recession has made its impact felt everywhere, and no region has been immune. Therefore, a strong element of ‘realism’ has actually entered the real estate investment landscape, points our Chris Speller, Cityscape Group Director.
Across the rest of Arabian Gulf, the impact of economic recession has been comparatively less pronounced in the sectors of commercial, hospitality, residential and retail, and this further illustrates that the region continues to be a global hotspot for real estate projects.
In Saudi Arabia, a total of US$387bn worth projects are happening, with 442 under construction and 106 put on hold.
In Kuwait, about 124 projects are under construction with 7 under cancellation or on hold, and the total projects worth about US$114billion.
In Qatar, the total projects worth more than US$42bn, with 124 under construction or on hold.
In Oman total projects worth more than US$38bn are in progress, with 95 percent under construction and 8 on hold or no cancellations.
In Bahrain, total projects worth more than US$36bn are in progress, with 148 under construction and 54 projects being cancelled or on hold.
The Cityscape Dubai will be held at the Dubai International Exhibition and Convention Center between 5th and 8th October 2009, with Dubai Properties being the Foundation sponsors of Cityscape Dubai 2009, while Tanmiyat and Silvers are Platinum sponsors.
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