Kuwait Real Estate News
Cost of construction materials to go up in Kuwait
The rising real estate development has led to increase in cost of construction materials by ten to twenty five percent, announced Faraj Al-Khudari, the Chairman of Professional Real Estate Company in Kuwait.
The Chairman said that this percentage was estimated by experts in real estate industry, and is inclusive of construction materials such as iron, cement and sanitary products.
The cost of plastic pipes alone has increased by twenty percent, he said. Al-Khudari mentioned that both construction materials and shipments costs have gone up, and this has been taking toll on consumer.
He said that he discussed with the state authorities regarding controlling the prices of construction materials, mainly because during the current period, Kuwait’s economy will be boosted up by the increased activity in the real estate sector.
"Certain manufacturing companies keep the market 'starved' of their products with an intention to raise prices. One solution for curbing this practice would be to issue licenses to new factories which also manufacture the same materials, and thereby prevent monopoly," he said.
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