KUWAIT CITY, Nov 29: While denying any current plans to revalue Jleeb Al-Shuyoukh, the Minister of State for Housing Affairs and Minister of State for Municipal Affairs Abdul Latif Al-Mishari says the Real Estate Finance Law is in its final stages and is under review by relevant government entities ahead of its approval, reports Al-Seyassah daily. In a lecture titled “Kuwait’s Housing Vision under the Real Estate Developer Law” delivered recently at the College of Architecture in Kuwait University, Minister Al-Mishari explained that the Real Estate Finance Law is beneficial not only for the state but also for its citizens. For the first time, Kuwaiti families can own homes through bank financing, with husbands and wives able to obtain sufficient funding to purchase a housing unit using their combined salaries. The initial study for the first three projects under the “Real Estate Developer” system includes 5,000 housing units in the first phase.
The ministry is currently studying projects for the second and third phases to offer them to the private sector. Several prime locations are being considered for new housing projects, most notably Mirqab due to its central location, and the Sulaibikhat Beach area with its direct sea view. The minister stated that he could not specify prices at this time, but they would be aligned with the loan amounts stipulated in the Real Estate Finance Law, insisting that the ministry would not offer any project beyond the financial reach of the majority of citizens. He confirmed that the ministry is currently studying the infrastructure for new housing projects, stressing that allocation will only occur after a clear plan and precise timelines are established to ensure that citizens are not negatively affected during the construction phase. In response to a question about including Jleeb Al-Shuyoukh in housing projects, Al-Mishari denied any current plans to do so, as the area is privately owned.
He clarified that the ministry’s role is currently limited to the urban development of Jleeb Al-Shuyoukh to ensure it is suitable and sustainable. Meanwhile, Ahmed Al-Ansari, Director of the Investment Department at the Public Authority for Housing Welfare, stated that the Real Estate Developer Law enables the state to move from a provider role to that of a regulator and market facilitator, focusing on strategic planning and oversight. He clarified that real estate developers are responsible for the design, financing, construction, operation, maintenance, and sale of housing units.
