Kuwait Real Estate News
Kuwait probes the cause for hike in real estate prices
Kuwait has assured that it would investigate the cause behind the jump in real estate prices and housing costs, which has lead to worries about rising inflation among public.
The Trade and Industry Minister, Falah Fahd Al-Hajeri, mentioned in a statement that the government was alarmed about the hike in real estate prices and would soon form a committee to investigate the cause behind it.
The Minister said that he wanted to see that the prices dropped back to levels that are appropriate to citizens income, and told that the scarcity of land plots was one of the probable reasons for increase in price. He added that there could be various other reasons that may be specified after the study of the commission, under the supervision of the Department of real estate in the Ministry of Commerce and Industry.
Inflation in Kuwait dropped down the 12-year highs during the month of June, with the ease in food prices, although, the real estate prices jumped to 7.1 percent, as against the 4.08 percent during the previous month. Also, the research report by the National Bank of Kuwait revealed that the real estate sales witnessed an increase by 87 percent touching the 459.7 million dinars ($1.64billion) in July, when compared to the previous month.
Social Bookmarking
Read more news
> Property markets in GCC region to remain pressurized in 2012
> Kuwait property sector gathers pace following summer slowdown
> Kuwait realty sector post profits
> Kuwait records decline in expat count
> KAMCO report reveals positive indicators for Kuwait realty sector
> Majority of Kuwaitis investing in Dubai properties
> Latest Kuwait property sales report indicates improvement in the sector
> Increased demand for properties in Kuwait realty sector
> Property experts seek private sector support to develop housing sector
> KFH launches promotional campaign to finance residential real estate