Danny21
January 5th, 2008, 09:15 AM
(MENAFN - Kuwait News Agency (KUNA))
The real estate sector, comprising commercial, housing and investment properties, has proved to be the safest and most stable sector throughout the year 2007.
According to a report by Al-Mishkat Real Estate Co, the housing sector was greatly popular at the beginning of 2007 in all areas, and this activity was on the part of small and large investors, as well as those purchasing real estate for residential purposes.
It added that with the fluctuating performance of the stock market in Q1, investors were driven to the real estate sector as a safe means for doing business, making the sector even stronger.
In Q2, residential areas like Ishbilya, Oqaila and South Surra (Salam, Hiteen, Zahra, and Shuhada) saw greater popularity since the completion of services and other infrastructure requirements.
For a land plot measuring 500 square meters, the square meter went for KD 400 in Salam and Hiteen, KD 340 in Shuhada, and KD 300 in Zahra during Q2.
According to the report, land prices hit as high as KD 500 per square meter, for a land plot of 375 square meters, in some areas where services where now available.
As for the price of houses comprising two floors and a basement, they reached KD 300,000 and increased with additional floors.
It noted that the price of houses in areas of South Surra came close to those in preferred residential areas in Kuwait City such as Rawda, Surra, Qortuba and Adailiya.
As for areas where no move had been made for completing infrastructure works (East Qurain, Miseela, Funaitees, and Abu Fatira), they prices were reasonable at the beginning of the year. However, at Q3, they increased by almost 100 percent.
Prices for more demanded areas like Abdullah Al-Salem Area, the square meter went for KD 1,500, while in Adailiya and Shaab it was worth KD 1,000, and Khalidiya 1,200, and in Nuzha KD 1,300.
The great surprise was in Khairan, where the price of the square meter did not exceed KD 100 a few months ago and was not at KD 250.
As for the price of real estate for investment purposes, activity was greatest in Salmiya, Hawally and Farwaniya. Prices are expected to go even higher this year.
For commercial real estate, the price of the square meter was at KD 2,000 in Jahra and KD 10,000 in Kuwait City.
@http://www.menafn.com/qn_news_story_s.asp?StoryId=1093179945
The real estate sector, comprising commercial, housing and investment properties, has proved to be the safest and most stable sector throughout the year 2007.
According to a report by Al-Mishkat Real Estate Co, the housing sector was greatly popular at the beginning of 2007 in all areas, and this activity was on the part of small and large investors, as well as those purchasing real estate for residential purposes.
It added that with the fluctuating performance of the stock market in Q1, investors were driven to the real estate sector as a safe means for doing business, making the sector even stronger.
In Q2, residential areas like Ishbilya, Oqaila and South Surra (Salam, Hiteen, Zahra, and Shuhada) saw greater popularity since the completion of services and other infrastructure requirements.
For a land plot measuring 500 square meters, the square meter went for KD 400 in Salam and Hiteen, KD 340 in Shuhada, and KD 300 in Zahra during Q2.
According to the report, land prices hit as high as KD 500 per square meter, for a land plot of 375 square meters, in some areas where services where now available.
As for the price of houses comprising two floors and a basement, they reached KD 300,000 and increased with additional floors.
It noted that the price of houses in areas of South Surra came close to those in preferred residential areas in Kuwait City such as Rawda, Surra, Qortuba and Adailiya.
As for areas where no move had been made for completing infrastructure works (East Qurain, Miseela, Funaitees, and Abu Fatira), they prices were reasonable at the beginning of the year. However, at Q3, they increased by almost 100 percent.
Prices for more demanded areas like Abdullah Al-Salem Area, the square meter went for KD 1,500, while in Adailiya and Shaab it was worth KD 1,000, and Khalidiya 1,200, and in Nuzha KD 1,300.
The great surprise was in Khairan, where the price of the square meter did not exceed KD 100 a few months ago and was not at KD 250.
As for the price of real estate for investment purposes, activity was greatest in Salmiya, Hawally and Farwaniya. Prices are expected to go even higher this year.
For commercial real estate, the price of the square meter was at KD 2,000 in Jahra and KD 10,000 in Kuwait City.
@http://www.menafn.com/qn_news_story_s.asp?StoryId=1093179945