Al-Ansari: Competition among real estate developers aims to raise quality and diversify designs

Sultan Al-Abdani: Ahmed Al-Ansari, the Acting Deputy Managing Director for Investment and Private Sector Projects at the Public Authority for Housing Welfare, affirmed that the Real Estate Developer Law is among the most important projects proposed within Kuwait’s real estate development system, given its significance as a crucial step in providing housing options for eligible beneficiaries of housing welfare and accelerating Kuwaiti families’ access to suitable housing.

Speaking to Kuwait Television, Al-Ansari stated that the development of the real estate system primarily aims to reduce the waiting periods for Kuwaiti families to obtain their right to housing welfare, thereby contributing to enhanced family and social stability. He emphasized that efforts remain ongoing to ensure the success of the initiative, particularly with the launch of the first three projects under the Real Estate Developer system.

He revealed that the recent period saw the qualification of 22 alliances comprising 41 real estate companies from various countries to participate in implementing real estate development projects. He noted that the presence of a large number of qualified companies and alliances would enhance competition and deliver residential projects with higher standards in terms of quality, cost, and design.

Al-Ansari clarified that three real estate development projects have been launched, offering a total of approximately 4,850 residential units. The flagship project is located in Al-Mutlaa City on an area of about two million square meters and is expected to include around 2,400 residential units. The second project is situated in eastern Saad Al-Abdullah on an area of approximately one million square meters, comprising about 1,250 residential units. The third project consists of two sites with a combined area of nearly one million square meters, expected to provide around 1,200 residential units.

Al-Ansari explained that the Real Estate Developer system represents a practical implementation of Kuwait’s vision to enhance private sector participation in developing developmental projects, leveraging its expertise and capabilities to provide suitable, high-quality housing for Kuwaiti families, with diverse sizes and options that meet citizens’ needs. He pointed out that competition among real estate developers will contribute to raising quality standards and increasing the diversity of designs and housing options, thereby granting citizens a broader range of choices to select a home that suits their families’ needs and financial capabilities.

Regarding financing, Al-Ansari disclosed that the Council of Ministers had approved the Real Estate Financing Law for housing welfare beneficiaries, with its issuance expected soon. He stressed the law’s importance in completing the real estate development system and expanding the options available to citizens. He affirmed that the real estate financing system will give citizens greater choice while providing real estate developers with tools to improve project quality and offer diverse residential products, thereby supporting the success of the Real Estate Developer system and achieving its goals of reducing waiting periods and providing suitable housing for Kuwaiti families.