Mudon expected that the demand for commercial real estate in Kuwait would continue to grow during the year 2023 after the significant growth in commercial real estate trade during the first half of 2022 to reach some 400 million dinars, equivalent to $1.3 billion.
In a press release, the Executive Chairman of the Mudon Group, Omar Nigm, explained that the leap in the volume of commercial real estate trades and their achievement at a record level was due mainly to the high demand for commercial units by investors, particularly in the retail sector, which had grown by more than 8 per cent over the same period, particularly the catering sector, which had been the target of expansion in Kuwait by international French companies during the current period.
A result noted that while the current period had seen an increase in the employment rates of real estate, especially commercial property, growth in the supply by real estate developers had kept rental prices at competitive levels, which could boost investor demand in the coming period.
It was revealed that, in the few months, cities had succeeded in increasing the number of diversified real estate units managed by them in the local market to more than 2,000 in commercial, administrative and residential real estate areas, thanks to the increase in the number of customers and the establishment of more real estate projects by the group ' s fellow companies in various areas of Kuwait.
A star expected the next period to see a growth in construction in various sectors, emphasizing the importance of the private sector ' s role in participating in the implementation of State plans for the development of various areas of Kuwait and the provision of the necessary commercial, administrative and recreational services.
Nigm stressed that KUFPEC experienced rapid growth in the real estate development sector, thanks to its contemporary vision, sophisticated services and innovative solutions in the development, rental and project management sector, through its subsidiaries and colleagues, which include Kuwait Engineering bureau , Pimco Project Management Company and Old Diamond Publicity and Declaration Company.
