KUWAIT CITY: Real estate experts have unanimously agreed that the current prices in the real estate market are exaggerated, and have unhealthy repercussions on the market, reports Al-Qabas daily.
They indicated that this matter constitutes a burden on the citizens who wish to obtain their dream home, insisting that a serious stance must be taken to find solutions to limit the crazy price hikes in the real estate market.
The experts said they expect the rate of increase in residential prices to continue in the year 2021 from five to ten percent. In an interview, they stressed that a state of stagnation may occur in the real- estate sector after the month of Ramadan and with the third quarter period, which may help in correcting the prices.
Other real estate sectors are being affected by a decline in circulation and prices, “otherwise we find the residential real estate sector to be active and witnessing an increase in circulation”.
He indicated that the prices in the residential sector are exaggerated, adding that, “today everyone is complaining, and blaming the officials as well as the speculators and traders”.