Kuwait real estate boom predicted

Kuwait will experience a property boom in 2008 due to the creation of the GCC common market and a lower income tax on foreign firms, reported KUNA citing a report by Al-Mutakhassis Real Estate. Other factors that are expected to boost the real estate market are the release of land by the Kuwait Petroleum Company for the creation of 16,000 low cost housing units, and plans for a $14bn rail link and underground rail network.