BusinessFeaturedKuwait News

Increase in real estate market liquidity seen in January 2024

The latest data from the Ministry of Justice’s Real Estate Registration and Documentation Department revealed a notable increase in the liquidity of Kuwait’s real estate market in January 2024 compared to December 2023, reports Al-Jarida daily.

Here are the key findings:

Total Contract Trades — The total value of contract trades in January 2024 amounted to approximately 263.6 million dinars, marking a significant increase of 37.8% compared to December 2023. However, it showed a slight decrease of -7.0% compared to January 2023.

Distribution by Governorate — Al-Ahmadi Governorate recorded the highest number of deals, accounting for about 36.2% of the total, followed by Hawalli Governorate with 22.5%, and Al-Jahra Governorate with the lowest share of 3.7%.

Private Housing Activity — The value of transactions in this segment increased by 45.6% compared to December 2023, reaching about 141.4 million dinars. Private housing activity contributed to 53.6% of total transactions, up from 50.8% in December 2023.

Investment Housing Activity — While the value of transactions decreased by -10.3% compared to the previous month, the number of deals increased. The average value per deal decreased by approximately -26.1%.

Commercial Activity — There was a substantial increase of 592.1% in the value of commercial activity trades compared to December 2023. The average value per deal surged by approximately 419.1%.

Warehouse Activity — One deal was recorded in January 2024, similar to December 2023, with a slight increase in value.

Comparison with January 2023 — Overall trading decreased by -7.0% compared to January 2023, with declines observed across various segments.

Despite some fluctuations, the real estate market in Kuwait demonstrated resilience and growth in January 2024, with notable increases in transaction values, particularly in the private housing and commercial segments.

Read Today's News TODAY...
on our Telegram Channel
click here to join and receive all the latest updates

Back to top button