Rise in demand pushes rates of land for ‘private housing’ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 02-May-2022
- Source: Arab Times Kuwait
- Sector:Economy
- Country:Middle East
Rise in demand pushes rates of land for ‘private housing’ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
‘Beyond reach of most young Kuwaitis’
KUWAIT CITY, May 1: The Economist Intelligence Unit (EIU) touched on the housing crisis in Kuwait, noting that the government had recently approved funding of 2.1 billion dinars for the South Saad Al Abdullah housing project, which is one of the projects being built on the outskirts of the capital, aimed at alleviating the chronic shortage in the country’s housing for middle class people, reports Al-Rai daily.
However, the EIU believes that the growth in housing demand will continue to outpace the growth in the supply of new homes until 2026, while political paralysis continues to impede the much-needed reforms of the systemic imbalance that the market suffers from. Housing sources pointed out that the chronic housing shortage for the young segment of the population of Kuwait, which is rapidly increasing, has always been a cause of great concern and resentment, because the waiting period for allocating government housing has become longer, often about a decade, with a backlog of requests from more than 100,000 people who wish to obtain housing
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