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‘Property prices expected to fall’ Lack of housing projects blamed for price rises

KUWAIT CITY, Dec 6: Members of the parliamentary Housing Affairs Committee Jamal Al-Omar and Ahmad Bin Muteih expect 25 to 30 percent decline in the prices of real estate properties once the housing projects are implemented, reports Al-Kuwaitiya daily. Muteih attributed the steady increase in the prices of real estate properties to the absence of housing projects. He admitted he is afraid of the possibility that the law will be implemented for the benefit of a few, especially since the committee had approved the proposed cancellation of certain restrictions.

Meanwhile, State Minister for Housing Affairs Salem Al-Utheina disclosed the extended committee meeting on Wednesday focused on residential care and electricity issues. He said that in line with the amendment of law number 39 on the construction of power and water plants, it is not allowed to establish residential areas without an electricity network. In another development, the Budgets Committee has asked the concerned institutions to look into the comments made by the Audit Bureau in order to implement genuine reforms. Sources revealed the committee invited some officials from the Parliament, government and bureau, including the ministry of finance, to its meeting next week to discuss the bureau’s comments on the financial status of government agencies and ministries

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