Kuwait Real Estate News
Kuwait property sector in need of new laws
The real estate market in Kuwait is in need of new laws to boost liquidity and improve funding for new projects, said a report by Emaar Alahlia Real Estate Company.
The real estate prices in Kuwait witnessed maximum decline in five months in July, falling 42 percent, in comparison to previous months, reported the National Bank of Kuwait (NBK).
According to Emaar Alahlia, this was due to the faltering demand, before introduction of new governmental regulations to amend the real estate sector and regulate the market.
The real estate company said that the five-year development plan by the government helps increase the house prices in next five years, and should be implemented at the earliest.
The figures in the report reveal that the total value of real estate transactions in July went down by 27 percent, touching KD130.5mn, in comparison to previous months.
There were only 415 property transactions registered at the Ministry of Justice during the month. The residential sales fell from KD110.3mn in June to KD72.9mn in July, while the investment property transactions dropped to KD37.7mn from KD72.9mn, the report said.
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