KUWAIT, Kuwaiti developers foresee phased recovery of the property market in Q4 2019 following summer stagnation and affirm that realty remains safe investment for many Kuwaiti entrepreneurs Qais Al-Ghanim, Secretary of the Kuwaiti “Ittihad Al-Iqareyeen” (Kuwait Real-Estate Union), said in remarks to Kuwait News Agency (KUNA) that prices of commercial property are stable at present, amid regular demand. Property investment sector is unsteady and is forecast to remain so until early 2020.
Housing sector, meanwhile, is witnessing growing demand in internal districts, while “small traders” are lured to the regions far from the city center, namely Saad Al-Abdullah, Jaber Al-Ahmad, Abu Ftairah, Al-Egailah and Al-Masayel. As to “professions’ plots,” there is an increasing demand in districts such as Al-Shuwaikh and Al-Rai.
Director General of Athraa Raal-Estate Company Maitham Al-Shakhs said housing plots’ rates rose in districts close to Kuwait City. Moreover, the industrial sector continues to witness mounting demand.
The real-estate sector remains, despite turbulent regional conditions, a safe haven for entrepreneurs, he affirms.
Part of the domestic liquidity shifted to the property sector in Q3 2019 and some of the “small investors” were lured by banking deposits for steady, appetite whetting proceeds.
Meanwhile, the head of Al-Dghaisheem group, Abdulaziz Al-Dghaisheem, has affirmed that the market is rebounding after the summer stagnation.
Manager of Al-Dlaijan real-estate company, Suleiman Al-Dlaijan, said the local market was negatively affected with regional ripples in Q3, predicting that the trades by the year-end would hit KD 3.6 billion (USD 12.2 billion).
According to a report by Kuwait Finance House, property trades exceeded KD one billion (USD 3.3 billion) in Q2, climbing by 17 percent as compared to previous quarter, with an annual hike in the range of 18 percent.
Source: Kuwait News Agency