US$ 8 billion private investments to boost Kuwait's real estate and construction industries by end of 2013
Kuwait’s real estate and construction industries are set to witness a significant boost, due to an expected USD 8 billion worth of private investments to enter the country by the end of 2013, according to latest studies. Reports have also revealed that the skyrocketing demand for residential built space is one of the primary drivers of the country’s real estate market surge. In line with this, Eqarat.com, a leading total solutions provider to the real estate sector, plans to establish an extensive presence in this market by tapping into the swelling demand for private housing units, which is projected to top 100,000 by 2010.
With a primary focus on gaining a significant percentage of the Kuwaiti real estate services market share, Eqarat.com has partnered with several local companies to capitalise on their established presence in this rapidly growing economy. In addition, the company has also heavily invested in expansive brand awareness campaigns, which target investors, individuals, institutions, homeowners, property developers, and various real estate entities such as contractors, consultants, architects and interior designers.
“The soaring number of real estate developments in Kuwait to supply the ever-increasing demand for residential and commercial built space makes it all the more important for investors to employ the expertise of Eqarat.com to guide them in making the right investment decisions,” said Ali Al Rahma, CEO, Eqarat.com. “As for project developers who are aiming to maintain a leading position in the market, we are fully equipped with the right people and strategies to provide outstanding sales and marketing services to ensure the success of their projects. We will be launching a number of new projects in Kuwait, and we are optimistic of the possibilities we are facing in this highly dynamic market."
The promising outlook for the Kuwaiti real estate market is also highly evident in the rising prices of residential units, which has seen a 24 per cent compounded annual growth rate from 2001 to 2007. In addition, rising prices for commercial land spaces, which is continuously witnessing tremendous growth since 2001, massively affects the office rent rates in the country, thereby pushing businesses to consider investing in their own offices. In the midst of the outstanding business scenario, Eqarat.com is geared up to deliver result-driven services to its clients through its massive customer base and widely accessible online portal.
“Based on our experience as an established property expert in the region, we are expecting the Kuwaiti real estate market to become an important regional business hub due to its strong economic growth that continuously builds a positive business reputation for the country. Amidst the growth in the number of foreign companies that seek to enter Kuwait’s most flourishing sectors and the large-scale government investments to improve industrial infrastructure projects, we have carefully studied the market landscape and identified the right strategies, which can benefit investors and developers alike,” concluded Al Rahma.
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