KUWAIT, Nov 8 (KUNA) -- It is most imperative the state's structural plans are approved with all due speed to restrain the real market and reign the chaotic issue of real estate licenses in the country, Kuwaiti figures and experts stressed in a seminar Wednesday night.

Economists were addressing a seminar on the sidelines of the International Real Estate Exhibition 2007 which kicked off Sunday and wraps today. They said scarcity of lots suitable for building is a main factor behind constantly soaring prices.

Chairman and Managing Director of Securities Group and former planning minister Ali Al-Mousa said there is no sign prices would go down. "We are living on six percent of Kuwaiti territory and the rest is undeveloped land." He added "The problem is not the land itself but suitability for development and building and its ability to sustain the required infrastructure."

On top of that, he said, "the private sector has access to half this percentage, just three percent, while the rest is in state control."

The figure noted the Kuwaiti real sector is seeing a boom and the frequent exhibitions, forums, and other activities and venues provide ample proof of that. One thing we must always remember, he cautioned, is that the real market goes through a natural cycle of ups and downs.

However, drop in activity does not always mean drop in prices; it only means drop in volume. Furthermore, the boom we are seeing coincides with boom in other countries in the region.

On investing in the real estate sector, he said small investors must seek counsel of reputable bodies to make the safest investment possible.

The Kuwaiti real estate sector is very much a secure bet, the figure noted, and provides much opportunity and little risk. An investor still needs to diversify his investments.

The former minister then urged those concerned to see to regulating and better organizing the real sector as many investors lose their fortunes as a result of the relative chaos. Kuwaitis have always had a sweet tooth for real estate, so to speak, and this understandably needs more attention and care to match, he said.

Al-Mousa then recalled statements by some officials saying some 60,000 housing units could be provided in a matter of a few years. Such statements are exaggerations, he argued. It would be wise to aim for reduction of the waiting period for nationals to get state housing from 15 closer to 10 years, as a start.

A big part of the solution would be to allow the private sector a bigger role in development and housing projects. Another thing is that state housing should be provided to those who can not afford it on their own and not to all if the shortage in lots is to be met.

Another figure stressed need for a comprehensive strategy that assesses the nature and rate of population growth and the nature of the state's economic activity.

Mazaya Managing Director and CEO Khaled Sbeitah said the environmental aspects of urban development must not be ignored. He said structures built in Kuwait have low energy efficiency and high waste production rate.

The authorities, he stressed, need to lay down an urban development strategy as soon as possible. The way it is, Kuwait City is a real eye-soar, he stated. This is a pity for a place that once served as a cultural and development starting point and focal point.

There must be a structural plan for the state as a whole and it must be a fixed and clear one. It is not acceptable that licenses are denied to some citizens for supposed reasons that were overlooked in others' requests which are approved, the figure also stated.

A structural plan would be the guide to authorizations and the lack of regulations on issue of permits is a real impediment to development in the State of Kuwait, he said.

Sbeitah further noted that permits in Kuwait City are awarded haphazardly as far as he could see at present, and there is an urgent need to bring order and to learn from others' expertise in this respect.

Meanwhile, Director General of Aana Group Company which organized the exhibition Saad Al-Haddad said the main problem is that citizens do not get suitable housing within a reasonable space of time.

This is why so many Kuwaitis live in rented units and wait for the family home for years and years. This is cause of worry and anxiety and restrains creativity on the part of those affected, he added.

Al-Haddad also said "studies showed that man cares and invests energy and focus in the search for a proper housing before investing it in creative activity and self affirmation." As long as people are "weighed down with the wait, do not expect them to create or contribute much in any field," Al-Haddad concluded.