KUWAIT CITY, March 12: Five real estate agents are said to be controlling rent through 18 affiliated offices, reports Al-Shahed daily.
The daily quoting reliable sources explained the agents often issue unrealistic reports that do not reflect the true status of the country’s real estate sector. They noted those five real estate agents are in serious crisis due to lack of ability to pay back loans estimated at KD 3 billion to banks, indicating loans they obtained from banks constitute 3.9 percent of the total debts.
The same sources said other 122 real estate agents are also drowned in debts estimated at KD 8 billion because the skyscrapers/ towers they have built remain vacant on the account of high rental fees they charge, which is unrealistic in the market, coupled with failure to conduct adequate study of the real estate market.
Sources stressed the major real estate companies have embarked on campaign to stimulate the deteriorating rental prices that hit the sector since the second half of 2015, ranging between 20 and 45 percent. They reiterated about 120,000 flats in Kuwait are vacant and the number is expected to rise by the end of 2016, while rental fees will further deteriorate in the coming period
The organizing committee of Suaad Al-Sabah Plastic Arts Festival has started receiving artwork from Gulf artists who wish to compete in the contest of creative artists, reports Al- Seyassah daily quoting sources. They added the festival is scheduled to take place here in Kuwait April, in coordination with Kuwait Plastic Arts Society. For her part, Sheikha Dr Suaad Al-Sabah expressed joy for the upcoming event and showed readiness to welcome the Gulf artists participating in the contest. It is noteworthy the event is held alternately for children and adults each year.