Kuwait Real Estate News
Kuwait property sector sees major growth in Feb 09
The real estate sales in Kuwait witnessed a sharp increase in February this year, following a major decline the previous month, reported the National Bank of Kuwait.
A total of 326 registered transactions worth KD101.2mn were registered, representing 11 percent rise in transactions and 28.6 percent in total value, compared to Jan’09.
As per the data released by the bank, the real estate lending by the bank also jumped KD186.7m, a huge monthly increase, following the two declines.
Commercial Sector saw the lead in the growth in value, wherein sales grew by 207 percent. Almost all of the sales came from just two transactions in the Hawaii district.
The apartment sector in Kuwait, however, saw the lowest sales volume ever-since September 2005, falling by 37 percent, compared to January.
The government had passed regulations early last year to prevent companies from investing in residential property and to restrict mortgage lending. This decision was also passed to check runaway real estate prices.
The laws however, did make its impact felt. According to an earlier NBK report, the total number of property transactions for the initial 11 months last year, dropped by 35 percent compared to the same period in the previous year.
Analysts however, have stressed on repealing the two regulations, as they come on the way of reviving the property market in Kuwait during the global economic crunch.
Few other analysts say that the real estate sector in Kuwait will remain calm this year with number of transactions remaining flat and investors are on the look out for yield or income-generating properties. Most transactions are likely to be in cash after banks began to hesitate to lend to the sector due to the financial crisis and losses from equity investments.
Social Bookmarking
Read more news
> Property markets in GCC region to remain pressurized in 2012
> Kuwait property sector gathers pace following summer slowdown
> Kuwait realty sector post profits
> Kuwait records decline in expat count
> KAMCO report reveals positive indicators for Kuwait realty sector
> Majority of Kuwaitis investing in Dubai properties
> Latest Kuwait property sales report indicates improvement in the sector
> Increased demand for properties in Kuwait realty sector
> Property experts seek private sector support to develop housing sector
> KFH launches promotional campaign to finance residential real estate