Kuwait City: The government is considering giving ownership to foreigners in the real estate sector in Kuwait. According to the Real Estate Union, the real estate sector is facing a major setback as a large number of foreigners have fled Kuwait.
At the same time, Kuwait is considering creating opportunities for foreign investment in the real estate sector
According to reports, the government is considering housing policy reforms for real estate development. The assessment is that increasing investment in the sector will be a great contribution to economic development and will strengthen the economy.
The real estate sector is facing a major downturn as foreigners are leaving Kuwait in large numbers, forcing those involved to reduce rents on residential and commercial buildings.
According to union representitives, the Covid crisis has hit the real estate sector hard and left 61,000 apartments vacant.
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