Prices of real-estate properties namely the housing units have fallen by 50 percent, the Commerce Undersecretary announced on Monday. Rashid Al-Tabtabaei, in a statement to journalists after inaugurating the 22nd Real-Estate and Investment Fair, indicated the prices of properties vary from region to another with regard of the location of the plot, nature of the region and the services available. Economic sectors, namely the real-estate, the finance, the tourism and the oil, in Kuwait and other countries, have been affected with fallouts of the international financial crisis, he said, indicating at the steps that have been taken by the local authorities to cope with these external negative effects. He expressed happiness that 50 companies are taking part in the fair.
Menu
- About
- Airline Offices in Kuwait
- Contact Us
- Directory
- Embassies in Kuwait
- Events
- Hospitals & Clinics in Kuwait
- Hotels in Kuwait
- ISP’s in Kuwait
- Jobs sites in Kuwait
- Kuwait Top Level Domain Name
- Pay less for your Adwords ads
- Promote your website : Special Offer from Web CEO
- Rent a car in Kuwait
- Restaurants in Kuwait
- School in Kuwait
- Submit a link
- Taxi’s in Kuwait
Categories
- beware of this emails (6)
- Google (8)
- Kuwait (66)
- Directory (6)
- Entertainment (13)
- Health (6)
- Information (10)
- Pets (1)
- Shopping (4)
- Sites (1)
- Sports (1)
- Technology (17)
- Travel and Tourism (3)
- Kuwait Jobs (2)
- News (82)
- Realestates (5)
- Virus Info (9)
- Word Press Themes / Templates (3)
Archive for the ‘Realestates’ Category
Kuwait real estate prices decline 50%: Tabtabaei
May 19th, 2009
Kuwaiti family’s expenditures and savings among highest in the world
May 7th, 2009The average monthly expenditure of a Kuwaiti family is about KD1600 or 72.5 percent of the total monthly income which tops KD2200, revealed a set of statistics issued yesterday by the nation’s Central Statistics Administration (CSA). On the other hand a Kuwaiti family’s monthly savings stand at KD607, or 27.5 percent of the total family monthly earnings, indicated CSA, considering that average amount to be high. These statistics are the results of a survey of 768 Kuwaiti families, concluded over a
period of six months, from Oct 2007 to March 2008.
The average expenditure and savings of a Kuwaiti family have been found to rate high when compared with a similar family in the industrial countries or GCC states, noted CSA, attributing that high rate to increases in total family income and the disparate benefits that family gets from government subsidies of basic daily needs including food, health, education, housing, electric power and water. By contrast the average monthly expenditure of an expatriate’s family in Kuwait is about KD731 and its savings i
s KD99, keeping in mind that the number of expatriate families is estimated to be 203,150 in the year 2008. Based on this information the total or aggregate expenditure of Kuwaiti and expatriate families in 2008 came to KD 4.5 billion.
For Kuwaiti families, the most money spent in a month was on food and tobacco products (18.5 percent of monthly income), followed by money spent on jewelry and electronic merchandize ( 13.1 percent), furniture (14.5 percent), clothing (11 percent), entertainment (9.1 percent), and transportation (8.8 percent). Overall, CSA statistics concluded that the pattern of consumption was fundamentally similar between Kuwaiti and expatriate families, except in spending on housing and utilities
Dubai rents slashed 50 pct in new RERA index
April 30th, 2009For tenants, that means landlords will be limited in how much they can increase their rents – to zero in many cases. The index is used by landlords to set rents.
The Real Estate Regulatory Authority (RERA) rental increase calculator on its website on Wednesday showed huge differences in the rental range for many areas of the city compared to the authority’s rental index published in January.
RERA had promised to update the index before the end of April, but with just days before the end of the month and no official word from the regulator, many residents were concerned it would not follow through.
RERA has not said the rental index has been officially updated yet, but the site seems to indicate changes are in place.
A RERA spokeswoman could not confirm whether the index has been updated when contacted by Maktoob Business.
RERA’s rent calculator shows the rent of a four-bedrooms villa in Al-Barsha is in the range of 200,000-240,000 dirhams, down from 250,000-300,000 dirhams, while the rent of a two-bedrooms villa in Umm Suqeim is in the range of 145,000-175,000 dirhams, down from 250,000-300,000 dirhams.
The rent of a studio apartment in International City is in the range of 35,000-45,000 dirhams, compared to 45,000-55,000 dirhams previously, while the rent of a one-bedroom apartment in Dubai Marina is in the range of 80,000-120,000 dirhams, compared to 110,000-150,000 dirhams.
The first index, published in January, was widely criticised because it used prices from 2008 peaks, not reflecting the huge drop in rental rates amid the economic downturn.
Dubai apartment and villa rental rates fell 22 percent and 34 percent respectively during the first three months of 2009, according to property consultancy Asteco.
Real estate firm Landmark Properties this month published a rental price index which gave far lower values across Dubai compared with the RERA index.
Reported : Maktoob
Falling Dubai rents spark population move
April 26th, 2009“We are seeing major population shifts from other emirates to Dubai as well as different areas within Dubai,” Jesse Downs, director of research and advisory services at Landmark Advisory, was quoted saying in Emirates Business on Sunday.
“This is primarily due to individuals looking to upgrade in terms of quality, location and size of apartments and villas.”
She said there are “massive” shifts from Sharjah to the International City and Discovery Gardens neighbourhoods in Dubai, the UAE daily newspaper reported.
Last month Egyptian investment bank EFG-Hermes estimated Dubai property prices will come down 50 to 60 percent by the end of this year from the their mid-2008 peak and have already fallen by 34 percent.
Camilla Van der Merwe, head of leasing at Asteco Property Management, said people of all income brackets are finding alternative accommodation or renegotiating their contracts.
“If we take a family living in a two-bedroom apartment in Dubai Marina, the average rent they paid last year was approximately 150,000 dirhams ($40,838),” she said.
“Now they can rent a two-bedroom villa at Arabian Ranches for 130,000 dirhams or alternatively they can rent a three-bedroom villa in Mirdiff for 140,000 dirhams.”
Maktoob
Dubai property falls up to 30 pct in Q1
April 22nd, 2009Landmark said in a report apartment prices in Dubai fell 23 percent during the first quarter, while villa prices dropped 32 percent.
Landmark said signs of a recovery are emerging as owners hold on to properties and rent them out rather than slashing prices further.
Property consultancies Asteco and Colliers said in separate reports published in the past week that residential sale prices in Dubai slumped around 40 percent during the first quarter.
Landmark said sale prices for apartments in Abu Dhabi dropped 15-20 percent, while sale prices for villas fell 25-30 percent, broadly in line with other estimates.
Colliers said prices in the UAE capital declined 20 percent on average during Q1.
Maktoob