As per the data released by the Real Estate Brokers Union, there was a 22% rise in the value of real estate transactions and a 46% increase in the number of properties in July 2024 when compared to June. Comparing July’s total real estate transaction value to June’s, it was KD 316.4 million versus KD 385.5 million. In July, there were 472 properties, as opposed to 323 in June.
According to the data, which represented 71% of all properties and 39% of the total trading value, the residential sector led in both the quantity and value of real estate transactions. The investment sector came in second rank with 30% of the trading value and 24% of the total number of properties.
The commercial sector took third place with 17% of the trading value and 2.5% of the total number of properties. Around 15% of the trading value and 25% of the total number of transactions were made up of other transactions.
Additionally, the data indicated that in July compared to June, there were 55% more transactions in the residential real estate market and a 42% increase in transaction value.
The value of transactions increased to KD 151.5 million from KD 107 million with 218 properties the previous month with 337 properties. Sabah Al-Ahmad Marine City ranked first with roughly 17% of the total value of transactions in the residential sector, followed by Al-Masayel with approximately 9%. Of all residential land transactions, Sabah Al-Ahmad Marine City accounts for about 38% of them.
A noteworthy rise of approximately 3% was observed in the value of real estate transactions within the investment sector, and between June and July, there was a 35% increase in the total number of transactions.
Some 113 properties saw a total of KD 115.5 million in transactions last month, up from KD 112 million with 84 properties the month before. Salmiya led in distribution, accounting for about 25% of the total transaction value in the investment sector, followed by Hawally at 22%.