(Jabal Omar Development Corporation 2010)

Kuwait

Since 2008, the real estate market in Kuwait has been continually declining. The reason why is because the economy was largely depending upon oil revenues. However, in 2010 the sector began witnessing an increase in prices. This is because of the Kuwaiti government was aggressively promoting the tourism industry. As developers are expecting a strong increase in foreign direct investment, due to the governments push to expand the sector. As a result, holiday and residential areas in Kuwait are continuing to boom. (Finkelstein)

In the housing industry, there are large numbers of shortages that are affecting prices. What has been happening is the residential sector has been facing restrictions over the last several years, surrounding building permits. As the government was slow to endorse them, which created a rush on new areas that were approved for development. At the same time, the government has...
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