HOUSING ISSUE CAN ONLY BE SOLVED ON A THREE-SIDED BASIS, SAY REAL ESTATE PROFESSIONALS

  • 20/10/2022

Kuwait City: In order to provide approximately 160,000 housing units in new cities, regions, and suburbs, a number of real estate experts have expressed their cautious optimism about ordering the municipality to expedite the allocation of 18 sites to the Public Authority for Housing Welfare. Separately, the experts told that there is only one way to address the housing crisis: by freeing up land, hiring developers, and using carefully analysed financing. 


They added the government step must also be preceded by overcoming all obstacles before allocating the 18 sites, such as establishing new stations to generate clean energy, reconsidering the electric tariff and allocating only one subsidized house for each citizen to prevent traders from investing in residential real estate, in addition to creating a real estate system that reviews all decisions and laws. Vice-President of the Real Estate Brokers Union, Imad Haidar, confirmed that the recent news about the government’s designation of 18 sites to become new areas and suburbs that include all governorates and cover all housing requests is a step in the right direction to solve the housing issue, but it must be followed by several supporting steps, the most important of which is the speedy completion of the infrastructure, and the provision of sufficient money by the credit bank to lend to 160,000 Kuwaiti families. 

Haider believed that the enormous number of plots that would need to be developed could drive up the cost of construction supplies and labour, which would increase inflation rates. According to him, some building plots should be distributed to real estate investors and the private sector, while the rest should be built by the Public Authority for Housing Welfare and the government, such as public housing. The remaining building plots should be distributed as they are currently done, which is known as "land and loan."

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