Ayan bawal na daw mag may ari ng properties.. Time not right for Expat ownership of real estate: Forum KUWAIT: The time is not ripe to allow expatriate ownership of real estate in Kuwait, said chairman of Kuwait Real Estate Association Tawfiq Al-Jarrah on Wednesday. He said this possibility should come about after much research is done on it. He was talking to KUNA on the sidelines of a forum on real estate sponsored by the association. He emphasized that the government free up enormous tracts of land for housing development, which subsequently will send real estate prices down, since currently they are exorbitantly high. Affirming the paucity in the availability of land for housing development, Jarrah noted that at this juncture, about 14,000 housing plots exist in the marketplace, ready to be sold to those who can afford their inflated prices, although actual demand from the public for affordable housing plots exceeds 105,000. This discrepancy in the supply and demand is driving the prices through the roof, he said. Jarrah urged the government, which is virtually the sole provider of housing plots to the public, to create an independent agency whose task would be to study and gauge the local real estate market, in particular the housing market, and decide on what future course will be necessary to follow to ensure that Kuwaiti citizens will be guaranteed of reasonably priced housing plots to build or existing homes to purchase. — KUNA
Posted on: Sun, 20 Apr 2014 07:04:41 +0000
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