Kuwait Real Estate News
Kuwait sees sharp decline in real estate activities during August: NBK
The month of August recorded a sharp decline in real estate sales activities in Kuwait, reaching their third lowest level this year, according to National Bank of Kuwait (NBK).
In its monthly statistics of registered real estate contracts, issued by the Ministry of Justice, the report revealed that following very strong activity in real estate sector in July, the month of August witnessed a decline in property deal activities (excluding the sales conducted through agents).
A total of 541 sales transactions worth KD162.3million, were registered. The Unit sales were down by 43 percent and total value was down by 65 percent in comparison to July. However, when compared to the figures during last August, the sales were relatively high. The value in residential sector too, was down by 43 percent, and unit sales were down by 44 percent.
According to NBK, the slow pace in August, was largely due to decrease in deals pertaining to commercial property sector and apartments with unit sales falling by 40 percent and total value less by 78 percent. Another probable reason for major fall in values could be the strength of figures in July.
However, the other coincidental values reveal the other side of the story. NBK also noted that average real estate sales during the first eight months of 2007 increased by 67 percent in value, and 41 percent in number, when compared to same period last year. Majority of the increase in sales were witnessed in apartments and commercial sector. Also the average price of registered transactions during the past eight months rose by 21 percent for commercial property and apartments and 12 percent for residential property compared to same period last year.
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