Kuwait Real Estate News
Kuwait reports lessening property demand in Q3 2009
Demand for properties dropped during the third quarter this year, in comparison to the same period last year, said a report by Al-Mutakhasses Real Estate Company.
The Board Chairman of the Company, Faraj Al-Khudhari, in his report, announced that several entrepreneurs have limited their activity to monitor the market, and that transactions are likely to drop slowly towards end of the year, coinciding with the summer season and fasting month of Ramadan.
Al-Khudhari urged the government to offer necessary incentives and motivations to revive the market.
Property prices have dropped 40 percent during the past nine months, in comparison to the rates during the past three years. The prices have reached an “intolerable” phase, where they are almost equivalent to the cost rates, within a year and a half after the global economic crunch hit the market, he warned.
He added that recovery in the sector could be expected during the coming months.
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