Real estate prices slide over low oil rate

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KUWAIT CITY, Nov 7, (KUNA): Real estate price in Kuwait have remarkably plummeted due to the continuing dip in international oil prices, a commerce offi cial said Monday.

Speaking to reporters while opening Kuwait International Real Estate Fair held on Nov 7-12, Assistant Undersecretary of the Ministry of Commerce and Industry Fort Commercial Control and Consumer Protection Abdullah Al-Enezi said the fall in property prices is a good opportunity for purchasing. He believed that Britain’s exit from the European Union (EU) has led to a drop in real estate prices.

He added that his ministry has set up integrated governmental centers at fairs, consisting of Kuwait Municipality and the ministries of commerce and justice, with a view to looking into all questions and matters bearing on violations.

The Kuwait International Real Estate Fair attracted 60 international real estate, investment and financial firms which are expected to offer around 250 property projects in 15 countries. Al-Enezi affirmed that violating companies were referred to the concerned authorities for necessary legal actions.

Concerning the purchase of real-estate properties overseas, Al-Enezi advised buyers to travel to the relevant countries and verify the sites and the actual prices

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