Kuwait is to set up a KD500m ($1.735bn) fund to provide housing welfare especially for women, it was reported on Sunday.
The recommendation for the establishment for the special fund was made by the Kuwaiti Parliament's women's affairs committee and its implementation was agreed to by the Cabinet, according to a report by the Al-Watan newspaper.
It is planned that a new department will be set up in the Public Authority for Housing Welfare to manage the fund, which will be dedicated to processing housing applications from Kuwaiti women married to non-Kuwaitis, widows, divorcees and unmarried Kuwaiti women.
The women’s committee is also set to have a meeting with the Parliament’s housing committee to discuss what housing welfare rights women have under the current laws and any possible amendments that are needed.
The Kuwaiti real estate market has seen steady recovery this year, with reports that the number of transactions rose by more than a quarter in the first six months of 2010.
Real estate deals in Kuwait rose 26 percent in the second quarter of 2010, according to a report by the Kuwait Finance House (KFH).
The report, released by the Kuwait News Agency (KUNA), said the value of Kuwaiti real estate transactions recorded during the first six months of the year amounted to KD1.19bn ($4.14bn).
The Kuwait government plans to spend around KD37bn ($128.9bn) on development projects over the next four years and this has also helped to spur interest in the real estate sector, which currently accounts for around seven percent of gross domestic product (GDP).
The population is forecast to grow two percent growth per annum over the next five years, which is expected to contribute to the increased demand for real estate.
Sales of private homes rose 24.27 percent to KD374.7m ($1.3bn) between March and June, with the best prices attained in Asima, Hawally, Farwaniya, Al Jahra and Al Ahmadi governorates, the report added.