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Monday , September 28 2020

Real estate market not greatly affected by Covid crisis

KUWAIT CITY, July 20: During the last few days, the real estate scene in Kuwait witnessed the implementation of some diversified deals, giving the impression that most sectors of the real estate market are coherent, while others achieved an increase, especially the seafront properties and some residential areas, reports Al-Qabas daily.

According to informed sources, the commercial sector witnessed a deal a few days ago. A commercial complex in Al-Mubarakiyah area, covering an area of 325 square meters, was sold. It generated a monthly income of KD 17,000, and the value of the deal was KD 3.6 million for the benefit of one of the investors.

That means the price per square meter is KD 11,000. Regarding the seafront properties, the sources said a chalet in Al-Julai’a area was sold at KD 1.1 million, indicating that one of the advantages of the chalet, which is located in the south of the country, is that it has a waterfront with an area of 24 meters.

In terms of residential real estate, the sources revealed that residential properties have seen cohesion in some areas and an increase in some, especially new ones. For example, a deal was made for the sale of a 400-square-meter real estate in Funaitees area, which is located on an internal street, at KD 300,000.

This price is an increase of about 5 to 10 percent above the prices prior to the COVID-19 pandemic. The sources explained that the real estate market in Kuwait was not greatly affected by the COVID-19 crisis.

This is due to several considerations, mainly the decision of the Central Bank of Kuwait to reduce interest to a historical level of 1.5 percent, which was dropped further to 1.25 percent by some banks that seek to compete and attract investors.

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