Kuwait, 9 September 2024: Kuwait International Bank (KIB) has announced the establishment of the largest comprehensive digital repository for real estate data in Kuwait, as part of its strategy to promote digital innovation in the real estate sector. This initiative addresses the urgent need for an exhaustive and easily accessible reference for real estate data, while also aiming to support and develop the real estate sector in the country. The Bank draws on its extensive experience in the real estate sector and its prominent position among financial institutions that provide reliable data, influencing real estate investment decision-making.

Commenting on the occasion, Fahad Alsaleh, Senior Manager – Real Estate Advisory and Product Development and Support Division (PDSD) at KIB’s Real Estate Department, said: “The new real estate data repository is a critical foundation for conducting economic feasibility studies related to real estate projects, providing essential information for making informed investment decisions. This data enables investors and developers to obtain accurate estimates of project costs and profits, helping to reduce risks and increase the chances of success in this sector.”

Alsaleh added: “In its first phase, the data repository will be used internally by the Bank's real estate management departments, including the Real Estate Appraisal and Real Estate Advisory Divisions. This database will enable the preparation of real estate appraisal reports and economic feasibility studies for projects with accuracy and professionalism. Additionally, it will support the Real Estate Management Division in market analysis and the evaluation of rental rates across various areas. It will also aid the Real Estate Financing Division by classifying properties and assessing the returns and risks associated with real estate projects.”

KIB is currently evaluating the mechanisms for utilizing the data repository and introducing it to the real estate market in the future, according to specific regulations that will be announced at a later time.

KIB’s real estate digital repository was meticulously compiled through field monitoring and precise assessments by the Bank’s engineering team. The database includes extensive information such as property descriptions, contents, age, location, type, estimated building costs, and property value. It also offers data about income and potential returns on real estate investments, providing clear insights into market trends.