Real estate notably rising in Q2

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Kuwaits real estate business remarkably surged in the second quarter of this year due to some investors and companies seizing available real estate investment opportunities, according to a specialized report.

Total property investment in the second quarter of 2009 went up to 149.038 million Kuwaiti dinars against KD 143.658 million in the first quarter of the same year, up 3.74 percent, the report, released by Emaar Company, indicated.

Investment land prices were stable in most governorates in the second quarter compared to the first quarter, while prices in the capital city dwindled away from six to 10 percent, it said.

Commercial property prices drooped by 7.12 percent in districts in the same period, the report added.

The Kuwaiti government is required to overhaul national legislation and push forward development as the sole way to wriggle out of more ramifications of the global financial crisis, it said.

Administrative institutions should be restructured and new projects be implemented so that economic growth could be boosted, it said.

It hailed the Ministry of Commerce for having recently set up a committee to develop the real estate market as a good step towards a stronger property market that could lead to bolstering and cementing Kuwaits national economy.