Media Centre

Kuwait real estate deals hit $334.58mln in one week

Kuwait - The Kuwaiti real estate market witnessed remarkable activity during the third week of November, with the total value of transactions reaching KD102.8 million for 167 real estate deals.

Residential, investment, commercial and coastal strip real estate transactions were concentrated in the residential, investment and commercial sectors, while other real estate sectors were absent.

Data from the Real Estate Registration and Documentation Departments at the Ministry of Justice, covering the period from Nov 16-20, showed that the private sector accounted for the lion’s share of transactions, 70 percent of the total deals, with 118 transactions valued at KD50 million.

This reflects the continuous demand for private housing in various parts of the country, driven by the impending implementation of the law restricting the monopolization of vacant land and the recent increase in the supply of available land.

The investment sector recorded 46 transactions valued at KD41.5 million, indicating a trend among investors towards income-generating properties, given the relative stability of investment returns and bank interest rates.

The commercial sector had only two transactions with a total value of KD11.3 million, while the coastal strip sector recorded one significant transaction of KD20 million, demonstrating the sustained attractiveness of this sector despite its limited activity. On geographical distribution, Hawally Governorate ranked first in terms of real estate transaction value, recording 50 transactions worth KD38 million, while Ahmadi Governorate came in second with total transactions amounting to KD23 million due to some large-scale deals in residential expansion areas.

Jahra Governorate came in third with 19 transactions worth KD6 million followed by the Capital Governorate with 18 transactions worth KD21.4 million owing to prime locations and prices in the capital. Farwaniyah Governorate also recorded 18 transactions worth KD8.2 million while Mubarak Al-Kabeer Governorate is last with 16 transactions worth KD6.4 million.