It takes 15.8 years to repay the amount of financing granted to purchase housing in Kuwait, according to a recent report.
05 July 2022, 12:00 AM
31 July 2022, 12:00 AM
A recent study by Marmore MENA, the research arm of the Kuwait Financial Center Company (Markaz), showed that the average price of residential property compared to the average income of the average citizen was 15.8 times.
This rate indicates that it takes 15.8 years to repay the amount of financing granted to purchase housing in Kuwait from the real income of the average citizen by paying monthly installments, reports Al-Qabas daily.
The study indicates that the average price of housing in Kuwait City compared to income is much higher than Dubai (4.4), Abu Dhabi (4.5) and Riyadh (2.8), and even higher than the most famous and desirable locations in the world such as London (14.5) and New York (9.9).
This statistics, sourced from CSP and Numbeo, measures the price of residential property to income: the ratio of average apartment prices to the average real family income, indicated by years of income, given the average apartment area is 90 square meters.
The study shows that the challenges facing the increase in the supply of housing in the country are that the number of applicants registered with the PAHW, and the ratio of the price of the housing sector to income which is 15.8 times in the country, in addition to that the prices of land as a percentage constitutes 80% of the value of the house. The study showed that there are a number of challenges facing the increase in the supply of housing in Kuwait. They are government