Kuwait Real Estate News
Kuwait property market likely to drop in 2008: Housing Welfare
The Public Authority for Housing Welfare in Kuwait, stated that the investors in Kuwait property market, face a lot of hurdles, which prompts them to think about investing in neighbouring countries, where the investment environment is rather friendly.
The Deputy Director General of Public Authority for Housing Welfare, Faisal Al Khalaf, speaking during a real estate exhibition in Kuwait, pointing towards countries such as Dubai and Oman, mentioned that they do not have these kinds of complications in those countries, which the Kuwaiti investors have to otherwise go through.
Al-Khalaf is of the opinion that real estate prices in Kuwait are likely to drop down by end of 2008. "Towards the second half of 2008, the booming property market in Kuwait will not be like what it is now. Although the government would continue to spend millions of Dinars in real estate and residential projects, the prices will not be as high as it is now," he said.
Moreover, he pointed out to the fact that investments in property sector may not turn out to be as profitable during the coming years, as it is now.
The Kuwaiti real estate sector actually grew by 57 percent during the first half of this year, in comparison to the same period last year. Also, the average prices shot up by 8 percent over the previous year for commercial and residential units.
The construction industry in Kuwait is among the most dynamic in the region, with a total value worth $4billion and future investments of more than $11billion. Currently there are many projects under implementation, which are expected to be executed within a year and half. Towards the year 2013, the housing authority has planned many projects with about 69,000 housing units in pipeline.
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