KUWAIT PLACES A HIGH PRIORITY ON PROVIDING FOR KUWAITI'S HOUSING NEEDS

  • 12/09/2022

Kuwait City: According to a report by the Kuwait Financial Center (Markaz), Kuwait places a high value on providing for its citizens' housing needs through a programme that provides housing up to 70,000 dinars. The Public Authority for Housing Welfare has 91,794 housing requests pending as of 2020; the waiting period between application submission and allocation is roughly 10 years. According to the report, "The Way to Solve the Problems of the Housing Sector in the State of Kuwait," published by Marmore, the research division of Markaz, the supply of housing units could not keep up with the rising demand. 


Private housing prices have increased as a result of the lack of supply, making it less affordable to own a home. With a price-to-income ratio of 15.8, Markaz noted that Kuwait has the lowest housing affordability among the nations of the Gulf Cooperation Council, making it one of the few places in the world where it is feasible to purchase a residential property at a fair price. This rate, which is determined by dividing the cost of a home by the median household income, is higher than that of London and New York, is nearly three times that of Dubai and Abu Dhabi, and is five times that of Saudi Arabia. 

The cost of the land is currently 80% of the home's value, which is significantly higher than the 30% international standard. According to the Markaz report, low-density zoning close to urban areas, a lack of private sector involvement, limited access to financing, a high cost of capital associated with infrastructure development, and low-density zoning are the main factors that aggravate the housing problem. 90% of the land is owned by the government, and through the division and distribution of plots, it controls the development of residential real estate.

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