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Kuwait property sales touch 6-year high

Property sales in Kuwait registered a solid 72 percent growth year-on-year, marking a six-year high of KD426mn, a recent report said.

The sales in residential sector for the month grew to KD191mn, up by 35 percent year-on-year, revealed data by National Bank of Kuwait. Continuing its trend from previous month, the growth was largely due to increased transactions, which grew 36 percent y/y.

The NBK report said that the investment sector sales too, touched KD176mn in July, nearly doubling the amount seen a year earlier. About 63 percent of y/y increase in transaction size was due to additional purchases of single apartments. Overall, transaction levels in investment sector look strong, after a slow beginning.

The NBK report further said that commercial sector sales touched its highest level of KD59mn this year. The transactions in July were mix of purchases including shops, complexes, land plots, and shops.

Although the trend of strong commercial sales can be partially attributed to an active role by Kuwait Investment Authority, it could also signal that private sector is getting more optimistic about future economic outlook, NBK said.

About two-third of approved loans were for fresh constructions, while loans for purchase of existing structures were 12 percent of total, unlike in previous year, when they constituted a third of total loan applications.

Similarly in residential sector, majority of purchases were for existing homes, but, have shifted towards purchase of plots of lands to build new houses, the report said.

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