Kuwait Real Estate News
Latest Kuwait property sales report indicates improvement in the sector
The latest report on property sales in Kuwait during the month of May reveals that the total value of sales touched Dh.300mn, a decrease of 23percent from the previous month. However, property sales in May have been 20percent higher than earlier records during the same period last year.
The average property sale every month touched Dh.270mn this year, an increase of 63percent in comparison to that of previous year. A total of 914 real estate transactions have been registered during the month of May, which is the highest monthly recorded level since July 2007.
On the whole, there is an increase in property sales this year, the report said, adding that the housing sector has seen maximum increases during the month of May. A total of 721 transactions have been recorded, an increase of 52percent from the previous month.
The increase in sales volume is largely due to sale of residential plots and lands at Abu Fatirah area. Increased sales were also noticed at Funaitees and Sabah Al-Ahmad Albahriyah areas.
The report explained that sales in real estate investment sector (Apartment buildings) grew by 27percent, touching 180 deals. Property investments (particularly apartments) in Salmiya, Sabah Assalem and Mahboula regions constitute major part of sales in real estate sector.
The average cost for an apartment in Salmiya and Mahboula is Dh.46,000 and Dh.52,000 respectively. The Salmiya region recorded highest investments with 16 properties being sold in the month of May, constituting a total of Dh.17.2mn.
As for commercial real estate sector, a total of 13 properties were sold, worth total of Dh.36mn in the month of May, marking decrease of 27percent in comparison to last month. Majority of sales were in the Sabah Al-Ahmad Albahriyah region, with three trading plots being sold. Further, a six million complex were sold at Khaitan.
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