RAK-based Al Hamra Real Estate Development plans to release villas and apartments targeting Kuwait’s high net worth individuals at this years Cityscape Kuwait held from 9 to 11 December 2015.
General manager at Al Hamra, Benoy Kurien, observed that Kuwait investors are well represented for such a small population.
According to UAE Ministry of Finance, GCC ownership in the UAE amounted to 11,761 properties in 2012, an increase of 8% over 2011. In total, Kuwaiti citizens represented 59% of the total GCC property ownership that year. Furthermore, research by the Boston Consulting Group in their annual Global Wealth 2015 report revealed Kuwait has the world’s fifth highest density of millionaires with 99 out of every 1,000 households holding private wealth greater than $1m.
Al Hamra will be showcasing a special release of park and beach villas of its recently launched, Falcon Island. It will unveil five bedroom villas located on the beach, with every villa complemented by private beach access with prices starting from $2m for 5,206 sqft.
The $272m Falcon Island development, launched in 2014, is due to be handed over in December 2017.