Real estate marker in UAE, Saudi Arabia, Kuwait: Report
11 Sep 2011
(MENAFN) Kuwaiti-based Global Investment House stated in a report that Saudi Arabia and Kuwait’s Residential real estate markets are the best ones in the region for investment whereas Dubai’s market is stabilizing, reported Arabian business.
The report stated that residential real estate market in Saudi Arabia increased by 7.2 percent in the second quarter following another increase by 8.2 percent in the first quarter compared to the same period of the previous year.
As for Kuwait the report said that residential real estate market recorded an increase in the total of transaction surged to reach 55 percent and the vacancy rate ranges from 20-25 percent year-on-year.
On the other hand, apartment rents declined in Dubai by 2 percent during the second quarter of 2011, besides another decline in the first quarter compared to the same period of the previous year, Global’s report further explained.
It is worth noting that UAE’s overall apartment rent costs showed signs of unexpected decline by 8 percent compared to the same period of the last year.