Kuwait Real Estate News
Kuwait property sector records 130pc growth in March
The real estate sector in Kuwait grew 130percent in March, compared to that experienced a year ago, due to high turnover in residential and investment property, revealed official data.
The increase in sales grew to 205.83mn dinars from 89.35mn dinars in March, with residential property deals contributing to majority of the total profits. The real estate data revealed that residential property transactions were up by 194 percent, touching a total of 141.62mn dinars, compared to 48.16mn dinars recorded a year earlier.
The property sales, particularly that of residential units, had been falling as the government had placed restrictions in 2008, which prevented private firms from trading in existing houses to prevent any unjustified increase in prices.
The investment property sales grew 90 percent, touching 49.58mn dinars, in comparison to that recorded during the same month in previous year.
Kuwait witnessed the strongest performance in its real estate sector, this March. The highest, ever seen in two years, reported the National Bank of Kuwait, in its research note this week.
The NBK said that March data suggests that there is scope for an increase in real estate activity, supported by improved confidence and stronger demand for land, particularly, with the government pushing on with its economic development plans.
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