Bill tackles real estate … Homes here ten times average family income – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Bill tackles real estate … Homes here ten times average family income – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

KUWAIT CITY, May 2: MP Abdulaziz Al- Saqaabi submitted a bill on addressing real estate market issues to limit investments and trading in private houses and improve investments in real estate projects which are located outside the model residential areas for citizens. He pointed out the average price of a house in Kuwait is 10 times the average income of a Kuwaiti family, while it is two times in the USA and two and a half in Saudi Arabia.

He said almost 15,000 vacant plots are being monopolized, in addition to the old houses; indicating some traders own tens of houses divided into flats which they rent out to citizens at exorbitant rental fees. The bill amends Law No. 20/2016 to limit the water and electricity subsidies to maximum of two houses owned by a citizen with a total maximum size of 2,000 square meters. Al-Saqaabi also proposed revising Law No. 50/1994 which imposes tax on vacant plots bigger than 5,000 square meters, suggesting that the tax should be imposed on vacant plots measuring 500 square meters and up.