The Chairman of Kuwait's Munshaat Real Estate Company, Fuad Hamed al-Hamud, said that the local real estate market is an important niche for the company but the current circumstances are not convenient for entering into it due to the absence of investment opportunities except for the large housing project in Al-Jahreh and Al-Sulaibiya in which the company plans to participate in cooperation with strategic partners, reported the Kuwaiti newspaper, Al-Watan, on September 26.
Al-Hamud considered prices of lands and real estate in Kuwait and in the UAE exaggerated and beyond professional estimations, mentioning that the price of a square meter in the center of Kuwait City ranged between 3000 and 4000 Kuwaiti Dinars ($10,273-$13,698) during the last six months and reached 6000-7000 KD ($20,547-$23,971) at present in the investment sector. Al-Hamud thinks that Kuwait is in need for correction in the housing sector, attributing the rise in real estate prices to governmental policy and to the incentives offered by the Central Bank in this field. He expected real estate and land prices to continue to rise unless there would be a cooperation and coordination between the civilian and governmental sectors.
