With Cityscape Kuwait RIE and Cityscape KIPS launching this year, Kuwait’s real estate market is expected to receive a substantial boost.
Kuwait’s real estate sector is well-poised to face the current climate as growth in the country’s non-oil sector is expected over the coming year.
The non-oil sector is to maintain a growth of 3.5-4% in 2017 and 2018 on strong investment, according to National Bank of Kuwait (NBK). Non-oil growth is expected to hold up well under current conditions and is expected to continue an improving trajectory, says the bank in its latest report.
One of the country’s strongest non-oil sector is the real estate industry. In November, last year Kuwait’s real estate market received a significant boost from the commercial sector pushing the monthly sales above the USD 660 million mark for the first time in six months. The boost is motivation for real estate in the country and signifies a demand in the market, notwithstanding the current economic environment.
Real estate activity in the country will be propelled even further in 2017, following the partnership between Informa Exhibitions, organiser of the Cityscape real estate events, and Top Expo Group, organiser of the Kuwait Real Estate & Investment Exhibition (RIE) and Kuwait International Property Show (KIPS).
Both exhibitors have joined forces to launch two of the country’s largest real estate events; Cityscape Kuwait RIE, taking place from April 10th until the 14th, and Cityscape Kuwait KIPS, taking place October 9th until the 13th. Both events will be held at the Kuwait International Fairgrounds. “The events are expected to connect over 100 exhibitors from Kuwait and countries across Europe, Middle East and North Africa with thousands of receptive real estate investors,” says Ahmed Zakaria Cityscape RIE Exhibition Director.
“As we get ready for Cityscape Kuwait RIE in April, we look forward to the opportunities that this event will bring to the real estate market in Kuwait, especially as the government looks to diversify its economy in preparation for a post-oil era. Already, the government is addressing these issues, under its economic development blueprint Kuwait Vision 2035. The country aims to develop sectors such as finance and real estate to make them even more competitive internationally, and we hope to play a part in this process through our real estate exhibitions this year,” he adds.
Kuwaitis are also diversifying their investments in overseas markets. Over the last few years outward foreign investments by Kuwaitis have helped boost the Gulf country’s economic leverage in both the region and in the world. It’s an advantage for the country, with industry experts stressing the need to maintain such an approach so the country can benefit from the leading Kuwaiti investments abroad.
Kuwait is the Middle East’s largest and the world’s seventh largest foreign investor, according to the World Investment Report of 2015, released by the United Nations Conference Trade and Development. GCC is the prominent investment hub for Kuwaitis along with major investment from both the private and public sector into UK real estate, France and Germany.
According to a report released by the Dubai Land Department in January, in 2016 citizens of the GCC contributed AED 35 billion, with investors from Kuwait and Qatar approaching the AED 2 billion market; based on investments from 770 Kuwaiti investors.
Turkey is another major investment destination for Kuwaitis following a decision by the Turkish government to legalise real estate ownership for GCC nationals in 2012. As a result, Cityscape Kuwait RIE will include exhibitor brands from key markets including UK, Cyprus, Dubai, Turkey and Egypt.
For more information visit: http://www.cityscapekuwait.com/
This article is supplied by Cityscape Magazine.