Kuwait Real Estate News
Volume of property sales dip in Kuwait
According to the report by the National Bank of Kuwait (NBK), real estate sales volume dropped in December, following strong activity during the previous month.
According to the recent economic brief on monthly statistics of registered real estate contracts issued by the Ministry of Justice, volume of real estate sales went down by 17.5% from the previous month.
NBK said that the decline in December was due to a drop in apartment buildings and commercial real estate, which dropped by 42% during the month. The residential sales, however, grew 10%.
Real estate transactions fell considerably last year, with registered property sales volume totaling to KD1.9bn, down by 33% from the previous year. The decline was quite clear in the residential property segment, with both sales volume and transaction numbers dropping by 42 and 41 percent respectively. Thereafter, the apartments and commercial sector too, saw a decline of 21.7 percent.
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