Kuwait Real Estate News
Kuwait real estate market back to mid-2009 levels
Following a marked surge in real estate transactions during the year 2009, property sales in Kuwait have declined during January and February 2010.
A total of 400 property transactions were carried out during the two month period, which involved residential, commercial and investment sectors.
However, the monthly report released by a Kuwaiti Economic Consulting Company indicated a 34 percent dip in property sales, with the local real estate market returning to its mid-2009 levels. But, the report denied claims that the fall could due to weak market constituents.
The value of property sales reduced to KD120mn during the reporting period, down by 40 percent over the figure last year.
In comparison to the size or value of transactions, a mixed performance has been recorded across various real estate sectors, including fixed or improved performance in the residential and investment sectors, but very poor performance in the commercial sector, the report said.
As for the residential sector, a total of 280 transactions were carried out in January, down by 40 percent over late last year. The sales in the investment sector, however, remained unaltered with a total of 102 transactions, the report said.
The report, however, predicted a surge in prices in real estate investment sector, ending the impact the global economic recession which occurred in 2008 and 2009, on the Kuwaiti national economy.
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