"Kuwait Real Estate Report 2016" is now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Tue May 10 2016

The real estate sector is currently witnessing marginally increasing rental rates due to continued demand and low levels of new developments. Therefore , supply is reducing in relation to demand and the vacancy rate coming down. There is sustained demand for modern units in all sectors, particularly the retail and industrial sectors bolstered by consumer demand from the young population . An overreliance upon the oil sector continues to threaten growth in the country, however , continued efforts to diversify the nation's fiscal interests look to mitigate this somewhat. Such efforts will also prove beneficial to the office and industrial sectors in terms of demand for premises and growth.

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We expect the Kuwaiti economy to see modest growth over 2016 and 2017, forecasting real GDP growth of 1.5% and 1.2%, respectively, up from -1.6% in 2015. After a long period of stagnation, the Kuwaiti investment outlook appears to be improving, while the prospects for consumption remain bright. As ever, given the economy's heavy dependence on oil, any further downturn in global energy prices would prove disastrous. That said, Kuwait has the financial arsenal to cope with any short-term volatility in oil prices, and, therefore, the underlying risks in this regard are minimal.

Kuwait City is the capital and largest city of Kuwait. It has a population of 2.1 million in the metropolitan area. Kuwait City is the political, cultural and economic center of Kuwait. Salmiya has undertaken a major face lift in recent times primarily due to ever-expanding commercial real estate on the Gulf Road. The city is a retail focused location with the popular Salem Al-Mubarak Shopping strip home to many of the city's retail outlets. Al-Jahra is a town located 32 kilometres (20 miles) west of Kuwait City. Al Jahra is the capital of the Al Jahra Governorate of Kuwait, as well as the surrounding Al Jahra District, which is agriculturally based

Demand for class A office space is currently good in locations such as Kuwait City, with rental rates rising over the past year as a result. There is a lack of development activity in this real estate sub-sector however, as the supply in the city currently is outweighing the demand marginally.

The retail real estate sector is seeing investment in new shopping malls in response to the consumer demand for more modern facilities. Rental rates have risen over the past year in this real estate sub-sector and with the influx of new developments coming over the next several years, we expect to see growth in this sector pick up. The retail sector has been hindered over the past few years due to a somewhat unorganised form of retail, however, we believe that this outlook of the retail sector will change over the coming years.

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