The Kuwait’s real estate market has seen an impressive pace in the third week of November, as the value of the total transactions stood at KD102.8 million on 167 real estate deals.
The residential, investment, commercial, and coastal strip real estate transactions were concentrated in the residential, investment, and commercial fields, whereas the rest of the real estate sectors were nonexistent.
According to the data provided by the Real Estate Registration and Documentation Departments at the Ministry of Justice, considering between November 16-20, it was reported that the private sector accounted for the lion’s share of transactions, and the total agreements were 70 percent, along with 118 transactions valued at KD50 million.
This indicates the everlasting need for personal housing in the different regions of the country, propelled by the imminent adoption of the law that limits the monopolization of vacant land and the recent surge in the supply of available land.
The investment sector has registered 46 transactions with a value of KD41.5 million, which implies that investors are moving towards income-generating properties, as the relative stability of investment returns and bank interest rates.
The commercial sector had two transactions with a total of KD11.3 million, and the coastal strip sector reached one major transaction of KD20 million, depicting the sustained captivities of this sector, although its restricted activity.
As for the geographical distribution, Hawally Governorate had the highest value of transactions of real estate, with 50 transactions of KD38 million, whereas the Ahmadi Governorate registered the second, with total transactions amounting to KD23 million, because of a few large-scale transactions in residential expansion regions.
Jahra Governorate was ranked third with 19 transactions worth KD6 million, and Capital Governorate with 18 transactions worth KD 21.4 million due to the prime location and prices in the capital.
Farwaniyah Governorate had a total of 18 transactions of KD8.2 million, and Mubarak Al-Kabeer Governorate had the last with 16 transactions of KD6.4 million.
