Kuwait Real Estate News
Kuwait sees 63 percent increased real estate sales: Statistics
The National Bank of Kuwait in its latest economic brief of monthly statistics, reported that the real estate contracts issued by the Ministry of Justice in Kuwait, has returned to normal in September, after the drop witnessed during the previous month. A total of 686 sales transactions have been registered at a value worth KD 210million.
Accordingly, unit sales increased by 27 percent from August, and the value of sales rose by 29 percent. NBK pointed out that the maximum increase in values were for the commercial property and apartments, which saw an increase in sales by 66 percent, while sales in residential sector increased by 6 percent. The average prices per unit in the case of apartments and commercial property sector were 17 percent higher, while those in residential sector dropped by 15 percent.
NBK reported that sales have increased considerably till date this year, with initial nine months witnessing 63 percent higher value than that during the same period a year before. Apart from this, the number of transactions increased by 35 percent with most of the sales happening in the commercial property sector and apartments. The average price per unit sold increased by 21 percent, driven by 22 percent increase in commercial property and apartments, while that in residential property rose by 13 percent.
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