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Kuwaitis still prefer to wait in housing queue than live in an apartment

The citizen still prefers to wait for his turn in the housing queue than to own an apartment in an investment area because he is accustomed to live in spacious houses and not in apartments not exceeding 200 square meters.

The ownership apartments sector in Kuwait remains a preferred and even a main option for many citizens, as this sector is a safe investment haven for many small investors with capitals ranging between 60 and 80 thousand dinars, and those wishing to enter into a safe investment that generates good returns.

Despite the fact that their prices are still within reach, the ownership apartments in Kuwait still do not receive the attention of the Kuwaiti citizen who wants to live, as real estate sources tell Al-Anbaa that the ownership apartments have never entered the mind of the Kuwaiti citizen looking for private housing, especially that the culture of the citizen is based on living in spacious houses ranging in size from 400 to 1,000 square meters in some cases, and therefore it was not easy to accept apartments of no more than 200 meters in the best case.

The sources added that the experience of owning apartments began after 2000, when ownership buildings began to appear in the Mahboula and Hawalli areas, then this experiment soon expanded in the rest of the areas in the country — the Capital, Bneid Al-Qar, Khaitan, Farwaniya and other investment areas.

The government encouraged the citizens to go for ownership apartments, and even announced that it would bear part of the cost of buying apartments provide they comply with the terms of the credit bank, and then it announced its approval to lend 70,000 dinars to divorced women to buy ownership apartments, but all this encouraged only a small percentage of female citizens to own these apartments.

The sources pointed out that the Kuwaiti citizen still prefers to wait for his turn in the government housing queue, even if it means waiting a long time instead of going for apartments far from Kuwait City in already crowded areas which suffer from lack of parking and overcrowded medical and social services in general.

But this does not prevent us from emphasizing that ownership apartments are sometimes a safe haven for owners of small capitals ranging between 80 and 120 thousand dinars to invest in these apartments by owning them and renting them back to expatriates with returns ranging between 6 and 7%, which is a suitable return for them, especially in the absence of attractive investment opportunities that can provide such returns in the local market.

“Al-Anbaa” monitored the average prices of ownership apartments in investment properties with an area of ​​70 square meters in various regions of Kuwait, based on a periodic real estate report issued by the Kuwait Finance House “KFH”. The price of an apartment of 70 square meters is 77.77 thousand dinars.

In Hawalli Governorate, the average price per square meter was 995 dinars, meaning that the price of an apartment with an area of ​​70 meters is 69.6 thousand dinars, and in Farwaniya the average price was 809 dinars, meaning that the price of an apartment with an area of ​​\u200b\u200b70 meters is 56.63 thousand dinars.

In the Mubarak Al-Kabeer Governorate, the average price per square meter was 871 dinars, meaning that the price of an apartment was 60.9 thousand dinars.

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