Kuwait Real Estate News
Kuwait real estate shows optimism in all sectors
The growth in commercial, residential and investment sectors of Kuwait real estate has been attributed to the optimism over implementation of development plan approved by the Parliament recently, says an economic report.
The government is all set to activate the plan for the coming years. This coincides with the announcement by the Public Authority of Housing Welfare about allocation of new land plots, both of which, have resulted in the growth in local real estate market last May, said the report by Emaar al-Ahliya for Real Estate Services.
The report pointed out that property firms and brokerage offices noticed a mild performance that was engulfed with cautiousness from both sellers and buyers.
The total value of property contracts implemented in May, touched KD274.2mn, the highest, compared to KD191.5mn recorded in April. The figures are as revealed by the Real Estate Registration Department at the Ministry of Justice.
The residential sector too, saw an increase of 57% in May, with total value of KD156.1mn, compared to KD108.4mn in April.
The local market was however dominated by the investment sector, with KD98.8mn transactions, marking an increase of 34percent compared to April.
The volume of transactions in the commercial sector too, recorded 102 percent rise, touching KD19.2mn, in comparison to KD9.5mn recorded last April.
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