Kuwaiti real estate sector to start recover from the consequences of the coronavirus pandemic in the second half of 2021, according to Real Estate Union Secretary General.
15 July 2021, 12:00 AM
31 July 2021, 12:00 AM
Real Estate Union Secretary General Ahmed Al-Duwaihis expects the Kuwaiti real estate sector to start recovering from the consequences of the coronavirus pandemic in the second half of 2021, according to Al-Anba daily reports.
Al-Duwaihis pointed out that the impact of the pandemic on the real estate sector varied according to the nature of each property. He disclosed the residential real estate sector witnessed a significant increase during the last period due to the scarcity of supply and high demand.
The investment real estate sector has been somewhat affected, although the figures and statistics about the extent of its impact remain unclear; while the commercial real estate sector was the most affected as evident in the earnings of hotels, restaurants and transportation entities, not to mention the retail stores and other stores in this sector, he said In an exclusive interview with the daily.
Meanwhile, the Vice-President of Real-Estate Brokers Union Emad Haidar said that the residential sector is currently going through an exceptional phase, as all residential areas are witnessing an increase in prices despite the general economic situation of the country.
Other real estate sectors are being affected by a decline in circulation and prices, “otherwise we find the residential real estate sector to be active and witnessing an increase in circulation”.