Kuwait Real Estate News
Kuwait sees marginal drop in real estate sales
The National Bank of Kuwait (NBK), in its latest economic brief, reported that real estate sales in Kuwait had dropped down in December, following the modest growth witnessed during the month before.
A total of 626 sales transactions, valued at KD208mn were registered, which dropped down by 16 percent and 14 percent from November, respectively.
According to NBK, this drop in sales was mainly due to decrease in activity in the residential sector, with both unit sales and values dropping by 19 percent, in comparison to previous months. The average price per unit sold in this sector, however, increased at a modest rate, compared to 10 percent decrease in apartments and commercial sector.
The realty market grew considerably during 2007, with KD2.8bn of real estate sales transactions per year, which is 55 percent more than the previous year. The growth was the strongest in apartment and commercial sector, with value and per unit sales, increasing by 72 percent and 39 percent from the previous year. The residential sector witnessed a growth of 42 percent in sales and 24 percent in number of units sold.
The average price per unit sold, in all sectors, increased by 23 percent in 2007, the biggest increase during the last five years. In the meanwhile, the average price per unit for apartment and commercial property increased by 24 percent, while residential property prices increased by 15 percent.
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