Kuwait Real Estate News
2009- Year of revival for Kuwait property sector
There has been a revival in Kuwait property sector towards the end of this year, particularly in new housing localities, a real estate expert in Kuwait commented.
The Head of Real Estate Evaluation Department at Meshkat Real Estate Group, Yousif Al-Alyyan, when speaking to KUNA, said that buyers are keen on purchasing housing lands in South Surra, West of Jeleeb, Al-Uqaila, Eshbilya and Qurain areas.
The prices went down during the beginning of second quarter this year, with a 400m piece of land worth KD100,000 now costing KD130,000. The lands in Khairan residential area, for instance, were worth KD30,000 to KD40,000 and is now worth KD50,000 to KD55,000, he added.
This is also applicable to other housing plots which initially saw a drop in prices, but are now seeing an increase, and the new localities are the most dealt with housing material in the Kuwait Stock Exchange.
As for the real estate investments, Hesham said that there is a strong demand for new buildings in the Mahbola, Fintas, Abu Hulaifa and other areas.
Commercial real estate investments has always been on a high level regarding prices, despite lack of demand on such properties, but when a deal is done, it will always be highly priced.
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