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Market Report, "Kuwait Real Estate Report Q3 2014", published.

[UKPRwire, Tue Aug 05 2014] The real estate sector in Kuwait will continue to grow with increases in rental costs as well as net yields across all sub-sectors due to growing demand. However, high vacancy rates coupled with a poor business environment that causes significant delays with development projects tarnishes the potential of this sleeping giant in the Middle East.

While BMI remains optimistic about Kuwait, there are several factors hindering the economic potential of the nation with a constitutional monarchy. Soft market conditions could persist, particularly in the office segment, where dynamics are still dictated by a legacy of oversupply. Our outlook would also be considerably tempered should political uncertainty in the country or its neighbours escalate.

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The country is blessed with a vast oil wealth that has nurtured a generous social welfare cushion for its citizens. However, with oil revenues generating more than half of the country's GDP and government income, their economy is vulnerable to the global oil market. In response, Kuwait announced a USD102bn economic plan to address their need to diversify their oil economy and invest in the expansion of the private sector in 2010. However, due to bureaucratic clashes between the cabinet and Parliament, progress on this development has stalled. This has also discouraged the entrance of foreign investors.

Changes in Kuwait's political situation, or that of its neighbours, such as Iraq, will also continue to present substantial risks to our growth forecasts. The Kuwaiti economy will remain on a moderate expansion path with growth supported by robust private consumption and a modest rise in oil production and exports.

We forecast real GDP growth of 2.6% in 2014, and remain cautious about Kuwait's fixed investment outlook, noting that political evolutions will continue to present both upside and downside risks to our forecasts. Government stimulus measures continue apace, but project delays and claims of corruption...

The Kuwait Real Estate Report features Business Monitor International (BMI)'s market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's Kuwait Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in Kuwait.

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Geographic Code:7KUWA
Date:Aug 5, 2014
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