Kuwait Real Estate News
Kuwait realty market picks up pace in March
According to the recently issued economic report on the monthly statistics of registered real estate contracts in Kuwait by the Ministry of Justice, the National Bank of Kuwait (NBK) is said to have reported that the real estate sales in Kuwait rebounded in March after a sharp decline during the previous month.
A total 873 sales transactions at a value of KD277mn that were registered, an increase by 4% and 77% from February respectively, the highest during the past seven months. The increase in value was due to the sales from apartments and commercial sector wherein the units sold increased by 125% and 76% respectively.
The value of sales of residential property also increased by 48%, although the total number of units sold declined by 5%. According to NBK, during the first quarter, the value of sales was weaker by 6%, as against the previous quarter wherein the unit sales increased by 11 percent. However the higher sales were witnessed during the same period a year before, with a 22 percent increase in value and 13 percent increase in number.
Sales of residential properties were higher with unit sales and their value increasing by 15 percent and 20 percent respectively during the first quarter when compared to the same period last year.
An increase in average prices by 28 percent for apartments and commercial properties, and 56 percent for residential properties were witnessed in March this year. On the other hand, the average prices for registered transactions during the first quarter were less by 17 percent for residential properties and 10 percent for apartments and commercial properties, when compared with last Quarter of the previous year.
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