‘30 percent hike in loan will help solve Kuwait’s housing problem’ ‘Expansion strategy needed to build new cities’

KUWAIT CITY, Dec 3: Solving the housing problem in Kuwait requires the approval of expansion strategy to build new cities and skyscraper apartments, report Al-Seyassah daily quoting members of the Supreme Planning Council as saying.

Professor of administrative sciences at the Kuwait University Dr Adam Al-Otaibi affirmed that reducing the value of housing loan will have positive effect on resolving housing crisis in the country. He reasoned the step will help reduce pressure on many citizens, but said 30 percent raise in the rate of housing loan is inadequate, considering the skyrocketing prices of building materials.

Commenting on the issue, political activist Sabah Al-Khatlan stressed the recent announcement by media relating to an increase in value of housing loan complicates the burden rather than resolve it. He explained that enhancing the value of loan will raise the value of installment, and adding the deduction of housing allowance to housing loan will affect the budgets of families earning low income to compound their burdens in future.

Another member of the Supreme Council for Planning and former Housing Affairs Minister Yahya Al-Sumait is of the view that reducing the value of installment on housing loan will relieve low salary earning families.
He agreed that raising the value of housing low by 30 percent will have positive effect in resolving housing crisis if government can monitor the prices of building materials. He pointed out that traders of building materials will exploit the increase in value to raise prices and worsen the sufferings of citizens.

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