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Remarkable decline in rent seen

KUWAIT CITY, Sept 23: Tariq Al-Saqabi, Vice-Chairman and Chief Executive Officer of the Combined Global Real Estate Co, said: “The local real estate market (rent) is witnessing a remarkable decline, especially in terms of investment and housing under pressure from the Central Bank, reports Al-Seyassah daily.

Al-Saqabi added the decline in funding will affect the real estate market in future and may cause problems should the deterioration continue. He pointed out the level of sale and purchase of residential real estate is not high and that there is a current phenomenon in the market in terms of the real estate high investment price especially in remote areas.

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