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Kuwait Real Estate News

Property sales in Kuwait grow by 27 percent

The real estate sales in the month of June in Kuwait has grown by 27 percent year-on-year, so as to touch 339mn, and the growth in sales was across three major segments of the market, said the latest National Bank of Kuwait (NBK) report.

The first half of the year closed on almost equal footing with the same period of last year, with 3 percent year-on-year increase. The increase during first half of the year came due to exceptionally strong performance in the commercial sector, although, the residential and investment sectors were slightly down in comparison to H1 2012.

However, the report confirmed that the level of property transactions in Kuwait seemed t be good. Sales in residential sector touched KD166 million in June, marking 12 percent growth year-on-year. The investment sector saw a total of KD124 millin sales in June, with a 9 percent growth. With this, total sales for H1 2013 amount to KD665mn, a 5 percent decline from H1 2012.

However, it looks like the commercial sector is on its growth path this year, possibly surpassing the pre-crisis level of the sales.

NBK said that figures are likely to double the amount approved during same period in 2012.

The report also said that there is increased demand for housing finance and that could be brought on by a pickup in the pace of government distribution of lands this year, while it also points out the underlying demand existing in the residential sector.

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