Kuwait Real Estate News
Kuwait property sector gathers pace following summer slowdown
The sales transactions in Kuwait touched KD60mn in October this year, while 43.8percent year-on-year increase was noticed in September, as reported by National Bank of Kuwait (NBK).
This indicates a continued growth in activity in the Kuwait property sector, following its decline during summer period. The residential sector took the biggest share of the market with 62percent of total sales being bagged by the sector. The investment and commercial sectors accounted for 22 percent and 16 percent respectively.
Sales in residential sector touched KD161.3mn, marking 81percent year-on-year jump. Residential sector has recorded the biggest share of total real estate sales for the past five years, constituting 52percent of total sales. Strong local demand, coupled with sufficient land supply by government has further helped growth of this sector.
The Savings and Credit Bank (SCB) marked 87 percent increase on approved loans on yearly basis, touching KD12.8mn, with more than half of these sanctioned for construction of residential properties. Similarly, KD4.9mn were issued in the form of housing loans, 57percent of which, will finance construction of new homes, while 19percent will be used for modification and renovation of existing homes, said the NBK report.
The Investment Sector too continues to do well this year. Sales in October have grown by 10percent on yearly basis. The sector mainly comprises apartment buildings meant for rentals. The commercial sector recorded 10 transactions, with average transaction worth KD4mn.
Activity in realty sector in Kuwait has gathered pace for the second consecutive months, following summer slow-down. The upward tick in October is hoped to continue for the rest of the year and into 2012, the report said.
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