Kuwait Real Estate News
Increased demand for properties in Kuwait realty sector
The demand for real estate in Kuwait surpassed that of supply during the first half of this year, thereby leading to instability in prices. The prices further increased considerably with the introduction of real estate taxation law, it has been reported.
The sudden incorporation of real estate tax regulation has resulted in decreased activity, and even cancellation of some transactions with pending payment of these taxes, amidst the anxiety of investors.
The Advisor at Al-Mishkat Group, Yousif Al Alayyan, said that newly developed areas such as Messila, East Qurain, Funaitees, Abu Fatira residential homes saw spike in prices of KD25,000 to KD30,000.
Even the lands in areas located close to the capital witnessed considerable rise in prices.
Meanwhile, properties in investment sector saw a gradual and stable recovery, following global financial crisis, with increased demand of complex buildings and commercial land, owing to reasonable prices.
Even the demand for commercial real estate in Salmiyah grew by 10 percent, while that in Farwaniyah grew by 12 percent, and areas south of the country too saw increased demand.
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