Corona Crisis Hopes To End With Minimal Damage, Says Real Estate Union

Those in the real estate industry confirmed that the current crisis has affected the sector which was clearly affected by the Decision of the Council of Ministers dated March 14, 2020 to close all shopping malls and commercial complexes due to the pandemic, and other sectors were also affected through business confusion and instability.

Lastly, the union urged tenants and landlords to be patient during the next phase, which requires a balance of mutual understanding and sacrifice between all parties to ensure that the crisis passes peacefully and the rental relationship continues.

Tenants and property owners must work together to reach a fair settlement on a temporary basis, until the crisis has ended, and any disagreement must be resolved by mutual consent. In the long term, the property owner needs to understand the circumstances of the affected tenant and consider them. Moreover, the union expressed confidence that the government, the Central Bank of Kuwait, and the banking sector will not hesitate to take all necessary measures to boost the real estate sector.

For its primary role in preserving the national economy and reducing the severity of this economic crisis, which has been a burden for all sectors of the economy without exception, the union commends the Economic Committee in the Council of Ministers, in addition to the Economic Stimulation Committee headed by the Governor of Kuwait's Central Bank for seeking the best solution, the Kuwaiti National Assembly and the Kuwaiti Supreme Judicial Council for their tireless efforts to stabilize and extricate Kuwait from this crisis..

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