Kuwait Real Estate News
Property experts seek private sector support to develop housing sector
The property experts on Sunday invited the private sector to contribute to the development of housing sector, as increasing number of couples are seeking to own a house.
The experts were speaking at a seminar about the real estate marketing crisis in Kuwait, and called for re-considering some regulations that restricted realty companies from building private properties.
The Chairman of Union of Real Estate Brokers, Tawfiq Al-Jarrah mentioned that real estate sector is facing huge challenges due to the current impact of global economic crisis on domestic market, coupled with the laws that restrict the development of private properties.
He continued to say that these laws intended to prevent rise in prices of private properties, so as to enable nationals to purchase their houses at reasonable price. However, following the implementation of the laws, there was a steep increase in prices of lands and houses.
Al-Jarrah said that the government should offer new lots in the market, so as to create a demand-supply balance, and permit private sector to help nationals in building their houses. He urged that the government and private sector should together help couples in finding homes with reasonable pricing.
Meanwhile, the Chairman of Legislation and Legal Committee at the Parliament, MP Hussein Al-Huraiti, mentioned that Laws No.8 and 9 of 2008, were meant to end the monopoly of lands by some bodies, which were purchasing huge lots and waiting until the prices go high.
Al-Huraiti called for creating a suitable environment for foreign investors, but some laws about property registration need to be amended.
The General Manager of Realty Investor Company, Abdulrahman Al-Humoud mentioned that there is a serious need to develop real estate tools such as setting up of an authority to organize the real estate market in a better manner.
He also suggested that more land be allotted for housing sector, so as to attract real estate firms that sought investments outside of Kuwait, and concluded with the hope that the government will work on developing this vital sector.
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