Kuwait Real Estate News
Real estate activity revives in Kuwait during March 2010
According to the latest NBK Real Estate Brief, the real estate activity revived this March, offering the first indication that the recovery in the sector may form a stepping up gear.
The total number of registered property sales (residential, commercial and investment) nearly doubled, touching 760 in March, an increase from 383 in February, and almost 97percent higher than that recorded a year ago. This marked the strongest performance in two years, bringing back the transactions to pre-crisis levels.
The March data reveals that there is scope for further activity, fueled by better confidence and more demand for land, particularly with the government promoting its economic development plans, the report said.
Although, all segments (residential, commercial and investment) in the market recorded gains in sales in March, the biggest contribution came from the residential sector. Sales recorded their highest level for almost two years, touching KD206mn in March, an increase from 107% in February.
The residential sales more than doubled, touching 598 in March from 255 in February. This is the highest level in two years and is the highest average recorded over the past five years. Apart from strong volumes, the average value of residential transactions touched KD237,000 touching its second highest level ever, a good recovery after its sharp decline in 2009. The highest averages in March were contributed largely by the Khairan Pearl Development area in southern Kuwait.
As for investment sector, although the improvement was less pronounced than other sectors, there was rise in number of investments. This indicates that this sector has managed well during the crisis.
As for the commercial sector, there were eight commercial property transactions recorded in March, an increase from four in February. Although this segment marked rise in transactions in March, they were not of particularly large value.
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