Kuwait Real Estate News
Kuwait records decline in property sales
In its latest economic brief on monthly statistics of registered real estate contracts, as issued by the Ministry of Justice, the National Bank of Kuwait, reports that the real estate sales remained weak in March, following a huge jump in February.
The total sales transactions registered in March was 386 worth a total value of KD89.4mn. The volume of sales fell by 11.6 percent, while the number of transactions increased by 18.4 percent from the previous month. But when taking the year-on-year values into consideration, the sales volume and the transaction figures were 67.8 percent and 55.8 percent down, respectively.
The decline in March was mainly due to decrease in activity in the commercial property sector, with sales dropping 56.7 percent, month-on-month. The monthly drop was from a high rate in February when large transactions happened.
Most of the activity in the real estate market was due to sale of residential properties. The number of transactions in residential homes and plots represents the bulk of real estate sales with 67 percent of total transactions in first quarter of 2009. The residential property sector comprised 48 percent of total sales volume of properties. The number of transactions for residential plots in Abu Futaira and Khairan Pearls accounts for more than half of all residential plots during first quarter of 2009.
In comparison to the fourth quarter of 2008, both sales volume and the number of transactions fell 21.7 percent and 20.6 percent respectively, during the first quarter of 2009.
But the volume of sales in the commercial sector was more brisk with an increase of 35 percent during first quarter of this year, compared to fourth quarter of 2008.
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