People that are investing in the Middle East need to start taking a closer look at Kuwait, as analysts are now predicting that the country will benefit from long term growth within the property market. According to analysts that have recently examined the country's property market, a combination of good financial conditions, a strong economy and favourable government legislation at local levels has made the Kuwaiti property market something to envy.
Property growth, which was already quite impressive in the country beforehand, is now expected to continue long enough for long term investments in the country's property market to become viable. In other words, Kuwait's market has moved from being a momentary boom to a long term viable investment.
At the same time that the property market is maturing and getting healthier, the government plants to take a lot of its oil money and use it in the construction of the City of Silk. The city is going to cost the government of Kuwait a cool $77 billion and will be built between 2008 and 2030. At the current moment in time, it is projected that the city will be occupied by 750,000 people upon completion.
The main goal for the City of Silk in the eyes of the Kuwaiti government is to make the city into one of the world's leading trade centres, although they wouldn't mind getting a fair bit of secondary income from tourism as well.
To that end, not only will there be office buildings and commercial centres constructed within the city, but there will also be residential compounds, recreational areas, religious buildings and hospital wards in order to make sure that the city's inhabitants are kept healthy and happy for their entire stay within the City of Silk. Relatively little is known about the details beyond specific types of buildings to be constructed, but it is expected in the coming days that the Kuwaiti government will release more information about projections for City of Silk construction.
