Kuwait’s real estate market liquidity up 7% in July

Kuwait’s real estate market liquidity rose 7 percent in July to 190.2 million dinars (SR2.36 billion) from 177.7 dinars a month earlier, and 26.8 percent higher from year-ago levels.
The country’s Ministry of Justice – Real Estate Registration and Authentications Department did not provide the value for July 2016.
Property trading in July, which involved 430 deals, involved 163.3 million dinars worth of contracts and 57 for agencies, the government agency said. The Mubarak Al-Kabir and Ahmadi governorates registered the most number of transactions with 116 each, followed by the Hawally governorate with 58 and Farwaniyah with 39.
Private residential property trading was valued at 101.9 million dinars in July, lower than 115 million registered a month earlier, while values for the housing investment sector increased to 72.8 million dinars from 50.5 millions dinars a month earlier, the agency said.
The commercial sector meanwhile turned in 13.7 million dinars in July, 27 percent higher than the 10.9 million registered a month earlier.
The National Bank of Kuwait (NBK) in its latest property report said the country’s real estate market “appeared more robust in July” with the residential sector providing impetus for growth.
Total sales up by 12 percent year-on-year to 161.5 million dinars, NBK said, as residential sales were up 43 percent from year-ago levels. Real estate prices across most sectors continued to hold steady, although they are still off by 5 percent to 10 percent year-on-year, NBK said.

Source: Arab News