15% LESS PEOPLE CAN AFFORD IMAGINARY RATES AS CHALET PRICES DROP

  • 25/10/2022

Kuwait City: Due to the decrease in real estate transactions and the increase in banking interest rates, the price of real estate in the Sabah Al-Ahmad Marine and Al-Khairan areas has decreased by about 15% since the end of the second quarter of this year. However, according to real estate sources, there was a noticeable decline in "chalet" deals in these two regions for a variety of reasons, including the increase in interest rates, which in turn affected some of the sector's liquidity, as well as the fact that real estate prices reached fantastic heights during the previous period, which restricted consumers' purchasing power to a particular category. 


Due to the high demand in the Sabah Al-Ahmad marine area and the lack of other outlets, the chalets at the time saw a price increase of at least 70% in a short period of time. This was because the public was visiting the chalets in large numbers due to travel restrictions associated with the Covid-19 pandemic at the time.

Related News