Kuwait’s Real Estate Market in 2017 – Outlook by Al Hamra Real Estate Company
“At this point the lowering of the oil prices and the deficit that we are going through has had a marginal effect on the real estate sector. As we all know, the real estate sector here in Kuwait has been the backbone for the non-oil revenue here in the country. I have personally been seeing a good demand over the past two years in the commercial properties throughout Kuwait,” says Mohammed Al Matook, Acting GM of Al Hamra Real Estate Company.
“At this point the lowering of the oil prices and the deficit that we are going through has had a marginal effect on the real estate sector. As we all know, the real estate sector here in Kuwait has been the backbone for the non-oil revenue here in the country. I have personally been seeing a good demand over the past two years in the commercial properties throughout Kuwait,” says Mohammed Al Matook, Acting GM of Al Hamra Real Estate Company.
“The office space in Kuwait is hovering around 86% in terms of overall occupancy so that on its own is a very good indicator. As far as the rental rates go, it starts from 7 KD per square metre here in downtown, but then depending on the offering it could go up to 12 KD per square metre for premium properties. We have seen that there is huge demand coming from newly established governmental companies as well as private institutions and international offices that are keen to come to Kuwait with their own agenda. All of those are looking for head offices to be hosted here in Kuwait and definitely downtown always comes in as the first choice for these companies because it is the hub for businesses in the state of Kuwait.”