10% decline in real estate sales last two months
Real estate liquidity in the months of January and February witnessed a decline of 10 percent, amounting to 49.7 million dinars, compared to the same period last year.
726 properties were sold during the months of January and February 2024, with a total value of 443.34 million dinars, compared to 766 properties, worth 493.1 million dinars in the same period in 2023. The breakup of the sale of real estate is as per this analysis.
Private real estate accounted for the lion’s share of real estate sales in two months, at a rate of 53.7 percent, with a total value of 238.4 million dinars, trading over 532 properties, followed by investment real estate, at a rate of 31.5 percent, at about 139.9 million dinars.
Trading of over 173 properties was recorded in commercial real estate, at a rate of 11.5 percent, and about 51.04 million dinars through the trading of 13 properties, 4 warehouse properties were sold to acquire a percentage of 1.45 percent and for approximately 6.4 million dinars, 3 craft properties were sold to acquire a percentage of 1.1 percent and for approximately 5.15 million dinars, and finally one exhibition was sold to acquire a percentage of 0.5 percent for approximately 2.41 million dinars.
According to the latest data from the Ministry of Justice – Real Estate Registration and Documentation Department, the value of contract transactions in the local real estate market during last February declined by 14.7 percent on an annual basis, recording the sale of 315 properties with a total value of 193.9 million dinars, so that February’s liquidity decreased compared to January by 34.6 percent. By selling 411 properties in January with a total value of 268.1 million dinars, February did not witness the registration of any agency contracts.
Private real estate topped sales in February with a rate of 55.3 percent, with a total value of 97.01 million dinars, trading over 223 properties, followed by investment real estate, with a rate of 36 percent, and about 63 million dinars, trading over 82 properties, then commercial real estate, 4.5 percent, and about 7.8 million dinars, trading over 5 properties. 3 warehouse properties were sold to acquire 2.5 percent and approximately 2.41 million dinars, one showroom was sold to acquire 1.3 percent and approximately 2.41 million dinars, and finally one craft property was sold to acquire 0.3 percent and approximately 600 thousand dinars.
Real estate transactions were distributed among the six governorates, with private real estate at the forefront, as Al-Ahmadi Governorate came in first place in terms of the number of real estate transactions with about 111 properties, followed by Hawalli Governorate with 63 properties, Mubarak Al-Kabeer Governorate with 46 properties, the Capital Governorate with 42 properties, Al-Farwaniyah with 34 properties, and finally Jahra Governorate with only 19 deals.
