Real estate sales hit 413m Kuwaiti dinar in November

Kuwait’s real estate market had one of its best months of 2014 in November, with sales totalling KD 413 million, an economic report showed here on Tuesday.
Across the three real estate sub-sectors, the residential and commercial sectors performed more strongly than the investment sector in November, which saw a year-on-year (y/y) decline in the value of transactions, said the report compiled by the National Bank of Kuwait (NBK).
In general, Kuwait’s real estate market had a good year in terms of growth, with investors seeing it as an alternative to the stock market in its capacity to deliver more stables returns, it added.
Sales in the residential sector totalled KD 178 million during the month. Residential activity was, once again, heaviest in the Ahmadi governorate, which accounted for 60 percent of all residential transactions during November, it said.
Meanwhile, in the investment sector, sales of KD 104 million were recorded in November, a decrease of 29 percent y/y, the report indicated.
In the investment sector, whole buildings accounted for 43.5 percent of all transactions, it added.
In the volatile commercial sector, sales grew more than five-fold over the corresponding month in 2013 to reach KD 131 million, the report noted.