Kuwait real estate market set to recover: report

30 Oct 2010

(MENAFN) Kuwait’s real estate market is likely to recover partially in the coming period as the country started enforcing the ambitious five-year development plan, a report said.

In its weekly report, Coldwell Banker Corporation – Kuwait branch said the value of the local real property deals tops $7.1 billion a year, thus accounting for a good percentage of the country’s GDP.

The investors, still wary about the outlook of the local market, put on hold their sell/buy plans though the financial results of the real property investors in the first half of the year were better than the earlier expectations.

Besides the investors’ uncertainty in heels of the global financial crisis, the shortage of financing for the real estate projects and the surplus supply added strains to the market in 3Q 2010, the report noted.

In the first two quarters of the year the market saw robust growth rate of 106 percent, compared with the corresponding period of the last year before going down by 41 percent in 3Q 2010.

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