Kuwait attaches great importance to meet housing needs of Kuwaitis

Kuwait attaches great importance to meet housing needs of Kuwaitis

The Kuwait Financial Center (Markaz) report said that Kuwait attaches great importance to meeting the housing needs of its citizens through the government housing program up to 70,000 dinars, reports Al-Qabas daily. The report, titled “The Way to Solve the Problems of the Housing Sector in the State of Kuwait,” issued by Marmore, the research arm of Markaz, indicated that the supply of housing units could not keep pace with the increasing demand, as the number of pending housing requests until 2020 at the Public Authority for Housing Welfare has reached 91,794 applications, while the waiting periods between submission of applications and allocation are approximately 10 years.

The shortage of supply has also caused private housing prices to rise, reducing the affordability of owning private homes. Markaz pointed out that the affordability of housing in Kuwait is the lowest among the Gulf Cooperation Council countries, with a price-to-income ratio of 15.8, which makes it one of the lowest places in the world where it is possible to own a residential property at reasonable prices. This rate, which is calculated by dividing the price of a house by the average household income, is nearly three times the rate in Dubai and Abu