By Elsa Baxter
Property firm Emaar Alahlia stresses importance of gov't's five-year dev plan.
Kuwait real estate market needs new measures to increase liquidity and enhance funding for new projects, according to a report by Emaar Alahlia.
Property prices in the country saw their largest declines in five months in July, falling 42 percent compared to the previous month, the National Bank of Kuwait (NBK) has said.
Emaar Alahlia said this was due to faltering demand prior to new government measures to amend real estate legislation and regulate the market, the official news agency KUNA reports.
The property company said the government’s five-year development plan would help aid house prices in the next few years, and should be implemented sooner rather than later, KUNA reports.
According to figures quoted in the report, the total value of real estate transactions in July were down 27 percent to KD130.5m ($452.6m), compared to the previous month.
Residential sales fell from KD110.3m in June to KD72.9m in July, while investment property deals fell to KD37.7m from KD72.9m, the report said.