Kuwait Real Estate

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Last year saw a record high in real estate sales, which surged 18.5% year-on-year (y-o-y) to KD4.3bn ($14.3bn). Sales in the investment segment rose 30% to a value of KD1.8bn ($6.0bn), while residential sales increased 5% to KD1.9bn ($6.3bn). 

 

The residential real estate sector has performed well in recent years, driven by a large undersupply of homes for Kuwaiti citizens, with the state’s growing population driving up demand and prices. The Public Authority for Housing and Welfare (PAHW) has rolled out ambitious plans for over 170,000 new affordable housing units, but with delays...

 

Although growth in real estate slowed during the global financial crisis, the sector has rallied to become one of the best-performing non-oil industries in Kuwait. Following early recovery in 2011 and 2012, real estate growth increased considerably in 2013, driven by investment and the commercial sector’s performance, with expanding housing...

Chapter | Real Estate from The Report: Kuwait 2014

Although growth in real estate slowed during the global financial crisis, the sector subsequently rallied to become one of the best-performing non-oil industries in Kuwait. Following recovery in 2011 and 2012, real estate growth increased significantly in 2013, driven by rising residential demand and strong performance in the investment and commercial segments, as well as the revision of...

Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.

While real estate sales in Kuwait exceeded $1bn in the first month of 2014, a shortage of housing at the lower end of the market continues to represent a challenge.

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