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Kuwaiti real estate scene witnesses revival in late 2009 -- expert |
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Saturday, 14 November 2009 23:28 |
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The Kuwaiti real estate scene had witnessed a revival by the final quarter of 2009 especially in new housing areas, said a real estate expert on Saturday.
Head of the real estate evaluation department at Meshkat real estate group Yousif Al-Alyyan told KUNA that buyers were very keen on purchasing housing lands in South Surra, Al-Uqaila, Eshbilya, West of Jeleeb, and Qurain areas, adding that prices went down in the beginning of the second quarter of 2009 with a 400-meter piece of land costing KD 100,000, the land now costs KD 130, 000.
He revealed that lands in Khairan residential area were at KD 30-40,000 but now it went up to 50-55,000.
This applied to other housing lands which saw a drop in prices and a now are witnessing a surge in prices, stated Al-Alyyan, noting that new areas are the most dealt with housing material in the Kuwait Stock Exchange (KSE).
Regarding the real estate investments, Al-Ayyan said that there was strong demand on new buildings in the Mahbola, Abu Hulaifa, Fintas, and other areas.
Commercial real estate investments was always on a high level concerning prices despite the lack of demand on such properties but when a deal occurred it would be always high priced. - Kuna
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