15.8 years needed for a Kuwaiti to repay housing loan – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

15.8 years needed for a Kuwaiti to repay housing loan – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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‘Average price of housing in Kuwait City much higher…’

KUWAIT CITY, June 27: A recent study prepared by Marmore MENA, the research arm of the Kuwait Financial Center Company (Markaz), showed that the average price of residential property compared to the average income of the average citizen was 15.8 times, explaining that this rate indicates that it takes 15.8 years to repay the amount of financing granted to purchase housing in Kuwait from the real income of the average citizen by paying monthly installments, reports Al-Qabas daily. The study indicates that the average price of housing in Kuwait City compared to income is much higher than Dubai (4.4), Abu Dhabi (4.5) and Riyadh (2.8), and even higher than the most famous and desirable locations in the world such as London (14.5) and New York (9.9).