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Kuwait: Real estate prices steadily increasing

By Nawara Fattahova KUWAIT - For those aiming to buy or sell a house, land, building or other property can now easily find the price of the real estate on spot through a telephone call. Abdulkareem Al-Othman and his brother provide consultancy and advices about the real value of the property through their office Mubadarat Real Estate, which was launched about seven years ago.

Some people aim to buy or sell their house, while others are looking for an investment opportunity. "Both categories can benefit from the our advices. Some people would like to buy a piece of land and sell it to make some money, and we also give them an advice. We give them a view of the situation and show him the benefits, the price, or the income of the building. We provide the advise as we care about our reputation and like to help people more than just making profits," Abdulkareem Al-Othman told the Kuwait Times.

Al-Othman is following the prices of real estate on daily basis to stay updated."I know the price of property in more than 70 percent of the areas. If I didn't know the price of some property I will ask for a day or so to find out the price. Sometimes it takes me few hours to find out. I also get information about the prices of the real estate from the periodic issued every six month by the Kuwait Finance House. In addition I have long experience in this field as I work with real estate since more than 20 years," he added.

"If somebody is seeking for a property I first offer him the one which is available which the buyer can afford or on his level. Preferably, I like to offer the property whose owner is serious and known to me. If the customer's demand is not available at my office, I then do an extensive search for him," Al-Othman said.

Sometime the businessmen don't respect the common price or evaluation. Al-Othman then gives advices for the potential buyers. "We don't always follow the price set by the owner or the businessmen of certain property. We evaluate the real estate according to the location and to the income of the investment house or building. There are other criteria for the evaluation such as: if the house was commercial, and this has lower price, I can assume that the owner made the house only by using basic and cheap equipments as he aims to sell it from the beginning and not to live in it. In addition, the age of the building or house makes difference," he explained.

In general, the price of the real estate has hiked and is steadily increasing. "About three years ago, during the economic crisis the prices stopped increasing and were stable. The best areas which currently have the lowest price, and present good opportunity for investment or business are the East of Qurain including Masila, Abu Fteera and Fnatees. It's suitable for those who would like to build a house or to buy and then sell the property. The land there costs about KD 160,000 for a 400 meters square land," stressed Al-Othman.

According to Al-Othman the most expensive properties for the residential category are located in Dahiyat Abdullah Al-Salem, Nuzha, Adeliya, and Yarmoukh. While the most expensive buildings in the investment category are located in Salmiya, Hawalli and then Jabriya. "This is because the rent in flats in these building is good, and the flats are fast occupied. So the income is certain," he noted.

The real estate business makes good incomes. Some properties cost more than a million KD, which is one of the most expensive internationally. "I sold a land recently in Abdullah Al-Jaber, West of Mishref which is a residential area for KD 1.6 million. And today the price of this property is even higher and may reach more than KD 1.8 million. Then other expensive deal was buying a small commercial complex in Jahra for KD 1.3 million. I ensure you that the prices are still hiking and will not drop. And here the price of a property can change within a month," concluded Al-Othman.

© Kuwait Times 2012