The Kuwaiti real estate market witnessed remarkable activity during the third week of November, with the total transaction value reaching KD102.8 million for 167 property-related 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,” stated Arab Times in its report.
Data from the Real Estate Registration and Documentation Departments at the Kuwait’s Ministry of Justice, which covered the period from November 16-20, showed that the private sector accounted for the lion’s share of transactions, 70% of the total deals, with 118 transactions valued at KD50 million. This reflected the continuous demand for private housing in various parts of the emirate, driven by the impending implementation of the law restricting the monopolisation of vacant land, along with other factors like 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 shifting to income-generating properties, given the relative stability of capital returns and bank interest rates.
The commercial sector had only two transactions with a total value of KD11.3 million, while the coastal strip segment witnessed one big 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 securing property transaction value, recording 50 transactions worth KD38 million, while Ahmadi Governorate came in second with total transactions amounting to KD23 million due to large-scale deals in residential expansion areas.
They were followed by Jahra Governorate in third place, with 19 transactions worth KD6 million. Capital Governorate took the fourth position 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 came last with 16 transactions worth KD6.4 million.