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Post # 1
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Join Date: 04 Mar 2015
Location:  KuwaitPosts: 87 |
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No more hikes; rents already at peak: Erbeed |
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No more hikes; rents already at peak: Erbeed
KUWAIT: “After a series of increases that reached up to 40 percent over the past two years, rents of investment residential building have already reached their climax and are expected to remain stagnant in the long run,†predicted Kuwaiti businessman and board chairman of Zain Al-Erbeed Real Estate Company Farraj Zain Al-Erbeed. Erbeed also said that the annual return from real estate investment in new residential areas reached 30 percent, which made his group liquidate bank trusts worth KD 14 million to invest in areas like Mahboula, Abu Fatira and Sabah Al-Salem. Despite denying that construction costs in Kuwait were high compared to that in other GCC states, Erbeed justified mega real estate companies’ preference to invest abroad to the very complicated red tape and paperwork needed to build any property in Kuwait compared to elsewhere in the Gulf and Dubai in particular. — Al-Anbaa Source:Kuwaittimes http://news.kuwaittimes.net/no-more-hikes-rents-already-at-peak-erbeed/ |
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