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Kuwait realty sector to be steady: Experts

KuwaitKUWAIT: Property experts predict that the domestic real-estate market will be stable in the second half of this year due to the summer holidays’ season, regional conditions and oil prices’ steadiness. Haitham Al-Houti, in charge of sales at Aman and Investment Company, said the realty sector is gripped with stagnation in the summer period due to regional jitters and recent fall of the crude prices. However, there have been some trades on investment plots, namely in Hawally and Salmiya.

Mahmoud Al-Sabouni of Magic Home Company said oil prices’ decline has affected the market in Q1 2016. “However the market has been active since May with rise of the oil prices.” Habib Al-Saffar of Al-Mejas Company said the local property market is stead despite the global economic crisis, particularly the bearish trends in bourses and realty markets. Property prices are expected to be firm in the coming months with some hikes in the housing sector, he said.

On trades in the housing units, he said East Al-Gurain had the highest record of transactions noting houses that used to be sold for KD 180,000 are now being sold for KD 200,000. The investment sector is calm, he added, noting that Al-Salmiya and Hawalli have the highest figure of trades.

Meanwhile, Ahmad Al-Ahmad, a realty expert, said the market would not witness falls in the foreseeable future. The market was in a critical situation between middle of 2015 and first quarter of 2016, he said, attributing the negative situation to the unstable regional conditions and the bearish oil prices. – KUNA

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