KUWAIT CITY, July 30, (KUNA): A realty committee formed by the Ministry of Commerce and Industry will exert efforts to iron out all obstacles facing real estate sector, a ministry official said Sunday evening.
The committee has a clear vision to develop the “vital” real estate sector in a drive to allocate more lots for private housing, Sheikh Nemr Al-Sabah, assistant undersecretary for foreign trade, told reporters after the opening of Ramadhan realty exhibition.
He said real estate exhibitions were important because they would save time and money for those seeking appropriate real estate opportunities.
Saud Murad, Director General of Al-Masar Group, the organizer of the exhibition, said the real estate sector was attracting many investors because of uncertainty dominating global economy.
The exhibition, he told reporters, was displaying a diversity of realty projects. He said the real estate market was the least risky.
Murad, however, said there were negative signs in the realty market in Kuwait because real estate companies suffer huge debts.
The exhibition includes projects worth $5.7 billion More than 30 international and local participatory companies will be seen at the event.
Murad said there were challenges to obtaining long-term loans to finance new real estate projects in Kuwait. He said lands were hard to find and if found, their prices would be high.
Tareq Al-Habib, an executive of one of the real estate companies, said Sabah Al-Ahmad Marine City, southern Kuwait, was attacting many customers. The city, he added, included big marina, golf courses, parks and shops.
Riyadh Al-Malla, vice-chairman in an external realty company, said there was a growing trend in buying real estates in Oman.
Gulf investments in Oman represent 38 percent of total real estate investments in Oman, said Al-Mulla.
The Omani government allows foreigners to fully own the projects, he said. Other real estate experts participating in the exhibition also talked about realty market in Lebanon.