High Demand for Ready-to-Move-In Homes in Kuwait

In Kuwait, more people are now buying ready-made homes instead of empty land. This is a big change in the real estate market. The main reasons for this change are the high cost of building, the long process of construction, and the risk of being cheated in land deals.

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Experts say that many home buyers prefer to buy houses that are already built because it is easier and safer. When people buy land, they have to spend a lot of money on materials, workers, and permits. They also have to wait a long time for the house to be finished. But when they buy a ready-made home, they can move in quickly without any trouble.

Real estate expert Alaa Behbehani said that Kuwait should follow modern ideas in house planning and development. He said that more people now choose built homes because they do not want to deal with the stress and high cost of construction.

Another expert, Fahd Al-Momen, said that when the economy is slow, more people buy built homes instead of land. This is because the price difference between land and built houses in some areas is not very big. In many cases, the extra cost of buying a ready home instead of land is between 70,000 and 100,000 Kuwaiti dinars. Since the price of building materials and workers is rising, many people find it better to buy a house that is already finished.

New housing areas have also changed the market. In these places, many people who got land from the government have started selling it. This means there are more built homes available for buyers who want a house right away instead of waiting for construction.

The government and banks are also making it easier to buy built homes. The Credit Bank now gives financial help of up to 70,000 dinars to people who want to buy houses. In some areas like Al-Mutla’a, West Abdullah Mubarak, and South Abdullah Mubarak, new rules say that people must build houses on their land within a certain time. Because of this, many buyers now prefer houses that are already built.

Another reason for this change is that new laws only allow people to get a loan for one house. This means people want to make sure they buy the right home the first time.

Some areas, like Sabah Al-Ahmad Sea City, do not have much land left to buy. After COVID-19, most of the land in this area was sold, so people are now looking for built homes instead. The most popular homes are villas and buildings that cost between 250,000 and 350,000 dinars. These houses are mostly bought by families who want to live in them, not by investors looking to sell for profit.

This change in the real estate market is happening because of rising costs, new rules, and changes in banking policies. Experts believe that more people will continue to buy built homes in the future. The real estate sector in Kuwait must adjust to these changes to keep growing.