Time Bomb Ticking For Real Estate Sector- Experts
Category: Kuwait
time-bomb-ticking-for-real-estate-sector-experts_kuwait
Immigrate to Canada or Australia
Study In Abroad

Real estate experts say the time bomb is ticking and may explode at any moment and will cause more damage than what has already been done because of the after-effects and repercussions resulting from the outbreak of COVID-19 pandemic, reports Al- Seyassah daily.

According to the views of experts in this field stated the courts that have resumed work and will look into about one million lawsuits related to evicting tenants for failing to pay rents after most of the businesses remained shut when the nation opted to prevent the spread of the virus by imposing lockdown and partial curfew in some areas.

The experts stressed on the need to resort to consensual solutions between real estate owners and tenants to contribute to solve the problem amicably of the rent dispute be it of residential or commercial nature – the problem caused by the coronavirus calamity.

They noted the judicial solutions are not feasible and will take long time in light of the current rent law, which because of the loophole and is based on an explicit text that protects the lessor and the tenant during crises and disasters – natural or man-made.

Crisis
The current crisis that the sector is going through, the experts say, is the result of government decisions and measures taken to prevent the spread of the virus as a result of which the real estate sectors were negatively affected and explained to treat the problem of late rents, they must be divided into several segments, so there are those affected and these should be tolerated and there are those who must be treated firmly without complacency.

The experts have called for the need for the executive and legislative authority to move quickly to amend the ‘rent’ and ‘work’ laws, because most of the problems and cases that will go to the courts will be through these two laws, noting that the delay in amending the laws will exacerbate the crisis and create new repercussions that we will not be able to address in the future.

They stressed the need to have a clear role for federations, the Chamber of Commerce and Industry and public benefit associations to solve real estate lease problems before the issue moves to the courts, expecting occupancy rates in investment housing to decrease by about 50 percent during the next six months as a result of the slowdown in the economic movement and the decision of some ministries and government and private institutions to do away with expatriates.

 

SOURCE LINK

13 Jul, 2020 1 5908
Posted Comments
Popular News
steps-to-renew-civil-id-for-expats-in-kuwait_kuwait
Steps To Renew Civil ID For Expats In Kuwait Renewal Of Civil ID  For Expatriates In Kuwait   A civil identity card or a civil ID card is also called  Bitaqa-Almadaniyah. A Civil ID card holds all persona... August 09, 2020 0 10969 Category: Civil ID
al-tayer-group-announce-the-resumption-of-flights-to-india-from-tuesday_kuwait
Al Tayer Group Announce The Resumption Of Flights To India From Tuesday Al Tayer Group and Luxury Travels announce the resumption of their flights to India from August 11th. "We are happy to inform that our special flights to India will resume from Tuesday, August... August 09, 2020 0 9122 Category: India
air-india-express-dubaikozhikode-flight-skids-off-runway-184-onboard_kuwait
19 Dead and 127 Injured after Air India flight crashlands in Kozhikode, breaks into two 19 passengers died and 127 were injured, including 15 seriously, when a plane coming from Dubai met with an accident at Karipur airport in Kozhikode, Malappuram Superintendent of Police (SP) said on F... August 07, 2020 0 6218 Category: India
after-days-of-waiting-first-flight-left-to-india-from-kuwait-today_kuwait
After Days Of Waiting, First Flight Left To India From Kuwait Today After a long wait of more than three weeks, the flight to India resumed from Kuwait international airport today with the first flight carrying 322 Indians stranded here to Delhi. The flight, arrang... August 11, 2020 0 4546 Category: Kuwait
allow-entry-to-nonkuwaitis-from-the-31-banned-countries-who-are-related-to-a-kuwaiti_kuwait
Allow Entry To Non-Kuwaitis From The 31 Banned Countries Who Are Related To A Kuwaiti The General Administration of Civil Aviation issued a circular to airlines operating at Kuwait International Airport allowing non-Kuwaiti passengers who have a relationship with a first-class Kuwaiti ... August 09, 2020 0 4360 Category: Travel
steps-to-renew-kuwait-society-of-engineers-kse-membership_kuwait
Steps To apply for Renewal of Kuwait Society Of Engineers (KSE) Membership And No Objection Certificate Online If you hold a engineer visa KSE membership is must and you have to renew it Every Year, Below we will explain the process about renewal KSE membership and applying NOC, this process is for who already... August 10, 2020 0 3364 Category: Kuwait Society of Engineers
salary-of-traveling-teachers-does-not-end-until-the-airport-opens_kuwait
Salary Of Traveling Teachers Does Not End Until The Airport Opens At a time when responsible educational sources revealed instructions for school directors to ensure that the salary of traveling teachers who were unable to return because of the suspension of air tra... August 07, 2020 0 2713 Category: Education
government-to-send-back-370000-expats-in-short-term-to-address-demography-issues_kuwait
Deportation of More than 350,000 expats in short term The government developed a plan to address the demographic issues, consisting of many items, which were disclosed in a report prepared by a group of government agencies headed by the Ministry of Affai... August 09, 2020 0 2632 Category: Expats
there-is-no-change-in-the-list-of-the-31-countries-banned-from-entering-the-kuwait-until-further-notice_kuwait
There Is No Change In The List Of 31 Countries Banned From Entering Kuwait Until Further Notice The Arabic local newspaper Alqabas reported thatGovernment sources revealed that the Cabinet has not issued a decision to change the list of 31 countries banned from entering Kuwait, and it will conti... August 10, 2020 0 2134 Category: Kuwait
no-end-to-partial-curfew-nor-decision-to-transition-to-fourth-stage-today_kuwait
No End To Partial Curfew, Nor Decision To Transition To Fourth Stage Today The Council of Ministers did not discuss in its meeting today or take any decision regarding the coronavirus health issue, and accordingly, the partial curfew continues without any change or end, as d... August 10, 2020 0 1895 Category: Lockdown
View All
Popular Offers
city-centre-900-fils-offers in kuwait
City Centre 900 Fils...
saveco-summer-deals in kuwait
Saveco Summer Deals
Visit Visa
Visit Visa
Indemnity
Indemnity
Dependent Visa Driving License Project Visa Termination
Termination
Civil ID Crime News