The real estate sector in Kuwait has witnessed a remarkable increase in transactions, indicating a positive trend in the market. According to a report by Al-Rai Daily, the total value of contracts and agencies registered with the Ministry of Justice reached approximately 98.545 million dinars during the first 14 days of December.
Compared to the corresponding period in the previous month, which recorded transactions worth around 81.946 million dinars through 170 deals, this represents a notable surge of 20.25 percent. This growth is indicative of the growing confidence in the real estate market in Kuwait.
Analyzing the different sectors, the private sector experienced a 7.22 percent increase in trading during the initial weeks of December 2023, reaching approximately 55.807 million dinars. This suggests a strong demand for residential properties among individuals and families in the country.
Furthermore, there was a significant rise in investment trades, with their value jumping by 51.5 percent from 21.628 million dinars to 32.776 million dinars. This increase highlights the attractiveness of Kuwait as an investment destination, with investors seeking opportunities in the real estate sector.
Moreover, the commercial sector also witnessed growth, increasing by approximately 40.7 percent from 6 million dinars to 8.442 million dinars. This indicates a positive outlook for businesses and commercial enterprises in Kuwait.
Data provided by the Department of Real Estate Registration and Authentication at the Ministry of Justice revealed that during the first two weeks of December, a total of 191 contracts were executed across all six governorates, amounting to 97.025 million dinars. This demonstrates the widespread nature of the real estate market activity in Kuwait.
Additionally, two agencies worth 1.52 million dinars were registered during this period, further contributing to the overall growth of the sector. These transactions included 139 contracts related to private real estate, with a value of 55.807 million dinars, and 44 deals within the investment sector, totaling 32.776 million dinars.
Furthermore, six commercial properties with a total value of 8.442 million dinars were registered, along with a coastal strip property worth 2.2 million dinars. These diverse types of properties indicate the range of opportunities available in the Kuwaiti real estate market.
It is worth noting that there was no movement observed in the craft, exhibition, warehouse, or industrial real estate sectors during this specified period. However, one agency in the private real estate sector valued at 450 thousand dinars, and another agency in the investment real estate sector worth 1.07 million dinars were registered, indicating potential future growth in these sectors.
The surge in real estate transactions in Kuwait reflects a positive sentiment among buyers, sellers, and investors. With increasing demand for residential and commercial properties, as well as growing interest from investors, the Kuwaiti real estate market is poised for further growth in the coming months.
Source: TimesKuwait
