Kuwait: New Housing Law Approved

Kuwait News developments

Kuwait: New Housing Law Approved

Kuwait Times, 13 July 2023: The Kuwait National Assembly has unanimously approved a new housing law which aims to accelerate housing building for Kuwaitis by allowing strategic foreign investors to participate in the sector without needing for a local agent.

The government accepted the legislation and vowed it would take all necessary steps to implement it. There has been a long standing issue in Kuwait on housing supply and cost. The average price of real estate in Kuwait is 13 times higher than the average income of Kuwaiti families and three times higher than in Saudi Arabia. Currently there are 92,000 housing applications from Kuwaiti families waiting to get a house or a piece of land. The law will allow foreign investors to enter the sector more easily.

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Tanya Jain