Kuwaitis obtained loans from commercial banks worth 1.14 billion dinars during the first nine months of 2022 to build private housing.
Data obtained by a local Arabic daily shows this brought the balance of installment loans, which are granted by commercial banks to citizens for the purpose of buying, building or renovating their own housing, to 15.53 billion dinars at the end of last September, compared to a total of 14.39 billion dinars at the end of last year.
Housing loans reached high levels at the end of September, equivalent to more than 40% of Kuwait’s GDP, and alone accounting for about 30% of the total volume of credit provided by local banks to individuals and institutions.
In terms of private and model housing statistics updated with the Central Bank of Kuwait data, loans provided to private and model residents witnessed a decline during the first nine months of this year, with a decrease of 6.8 million dinars, or 2.1% since the beginning of the year, bringing the total volume of loans to 316.1 million dinars, compared to 322.9 million dinars at the end of last December.
The volume of loans decreased by 1.3 million dinars, or by 0.4% on an annual basis, compared to recording 317.4 million dinars at the end of September of last year. Private and model housing also declined on a monthly basis by 3.6 million dinars, or by 1.12%, compared to 319.7 million dinars at the end of last August.
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