Latest News
- Internet Censorship Pact Condemned By MP-elect Bushehri
- Police Arrest Two Men Previously Convicted In Misdemeanor Cases
- The Theft Of 50 Birds In Kuwait’s Barr Abdaliyah Area
- Anti-Corruption Authority Efforts Embrace An Integrated Work Sys...
- European Union Keen On Exempting Kuwaitis From Schengen Visa
- Expat Admits Killing His Compatriot In A Quarrel Over Cash
- Decomposed Corpse Of A Girl Found In Nugra Flat
- 4.4% Private Sector Employment Sparks Concerns In Kuwait
- CSC Separates Job Appointments From Specific Agencies
- Municipality Shuts Store And Issues 23 Violations
- Kuwaiti Tweeter Jailed For Insulting Rulers, Judiciary, And Nati...
- MoH Opens Registration For Scholarships And Study Leaves
Kuwait Real Estate Union Qais Al-ghanim Affirmed That There Is No Pressure From Traders On Real Estate Market
Secretary General of Kuwait Real Estate Union Qais Al-Ghanim affirmed that there is no pressure from traders on the real estate market, and that the controller of the market continues to be demand and supply only, reports Al-Nahar daily. During an interview with the daily, he totally dismissed the collapse of the real estate market, stressing that the current decline is an expected reaction to the wave of abnormal increase in rental properties in the past few years, especially in the investment sector, which is suffering from high supply.
Al-Ghanim explained that this high supply is expected to increase to unprecedented levels especially with the increased out-flux of expatriates due to the trend of ending their services in the public sector and to a certain extent in the private sector as well because of the recently-imposed new charges of health services provided to expatriates as well as increase in the cost of living but without any increase in their salaries.
;These and other negative factors are the result of economic conditions such as the collapse in oil prices, the budget deficit as well as the political crises in the region. As for the real-estate exhibitions, and the turmoil and hubbub that have been witnessed in the sector, he said the real estate exhibitions will be organized in a modern manner under the control of a specialized committee headed by the Minister of Commerce and Industry, adding that the ministry will protect Kuwaitis from falling prey to corruption and fraud.
He indicated that the residential sector has been affected but not as much as the investment residential sector, clarifying that the impact on residential sector is different depending on the area and the demand for it as well as who owns these residential plots and whether they are meant for investment or housing purposes.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
Comments Post Comment