KUWAITI HOME LOAN REPAYMENT WILL TAKE 15.8 YEARS

  • 28/06/2022

Kuwait City: A recent study conducted by Marmore MENA, the research division of the Kuwait Financial Center Company (Markaz), revealed that the average price of residential property was 15.8 times higher than the average citizen's income. The study's authors explained that this ratio meant that it would take 15.8 years to pay back the financing given to buy housing in Kuwait using the average citizen's real income in monthly instalments. According to the survey, Kuwait City's average housing cost is substantially greater than that of Dubai (4.4), Abu Dhabi (4.5), and Riyadh (2.8), and even higher than that of the most renowned and coveted cities in the world, such as London (14.5) and New York (9.9). 


The ratio of average apartment costs to the average real family income, expressed in years of income, given that the average apartment area is 90 square metres, is measured using data from CSP and Numbeo.

According to the Public Authority for Housing Welfare's most recent statistics, which were released in 2020, there are 91,700 applicants for housing units on the list, and the wait time between submitting an application and receiving a housing unit varies from 10-15 years in the government housing programe. 

According to the report, the number of applications registered with the PAHW, the ratio of housing costs to national income, which is 15.8 times, and the cost of land, which accounts for 80% of a home's value, are the main obstacles to the country's ability to boost its housing supply. The study revealed that Kuwait's expanding housing supply faces a variety of difficulties. Government officials they

Owned lands, the absence of private sector engagement, a lack of money, the high capital expenses of infrastructure development, urbanisation (the transfer of people into metropolitan regions), and bureaucracy.

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