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Kuwait real estate market recovering -- report |
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Business News
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Saturday, 07 November 2009 23:06 |
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Kuwait's local real estate market, especially the investment property sector, is now gradually recovering, according to a specialized report.
The investment real estate sector is highly demanded by investors wishing to achieve regular revenues, the report - released by the Kuwait Finance House (KFH) - indicated.
A recent decision by the Kuwaiti cabinet to ban building in four new housing cities where infrastructure is still incomplete has added a fresh dimension to the housing movement in the country, it added.
The report hailed giant projects in different economic sectors and new investment injections into the Kuwaiti economy as a bald step on the part of the government.
It also extolled as a significant move the announcement of 2009 and 2014 budgets for projects valued at USD 140 billion; aiming at diversifying income sources and drawing more investments involving the private sector in public projects.
Such a step would contribute to broadening the investment scope of the private sector and to diversifying production structures and revenues, it said.
Total real estate investments shot up to KD 150.7 million in the third quarter of this year, according to the report. - Kuna
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