Kuwait Real Estate News
Real estate sales plummets in Kuwait
Following a steep hike in March, the real estate sales in Kuwait witnessed a drop in April.
According to the latest economic brief on monthly statistics by National Bank of Kuwait (NBK), a total of 554 sales transactions were registered in April, with a total value of KD 209.2million.
Unit sales and unit value fell by 37 percent and 25 percent respectively, from the previous month. They were also lesser by 51 percent and 34 percent respectively, than during the same period a year ago.
The drop in April sales has been attributed to the sharp decline in sales of residential property, which stooped down by 34 percent in value and 40 percent in number, as against March this year.
The sales of commercial property dropped by 22 percent, and that of apartments dropped by 14 percent.
However, it has been noted that the average prices of every unit sold during the month has been comparatively higher by 10 percent for residential property and 9 percent for apartments and commercial property.
NBK points out that during the initial four months in 2008, a small increase of 1 percent has been witnessed in value, when compared to same period a year before, although the number of units sold declined by 10 percent.
However, the average prices for registered transactions increased by 26 percent for apartments and commercial property and by 4 percent for residential property.
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