Kuwait News

Real estate market witnesses surge in transactions, demonstrating robust growth

The real estate sector in Kuwait has experienced a significant increase in transactions, with the total value of contracts and agencies registered with the Ministry of Justice reaching approximately 98.545 million dinars during the first 14 days of December, reported Al-Rai Daily.

This represents a notable surge of 20.25 percent compared to the corresponding period in the previous month, which recorded transactions worth around 81.946 million dinars through 170 deals. Analyzing the different sectors, the private sector experienced a 7.22 percent increase in trading during the initial weeks of December 2023, reaching approximately 55.807 million dinars.

Additionally, there was a significant rise in investment trades, with their value jumping by 51.5 percent from 21.628 million dinars to 32.776 million dinars. Moreover, commercial sector trades also witnessed growth, increasing by approximately 40.7 percent from 6 million dinars to 8.442 million dinars.

Data provided by the Department of Real Estate Registration and Authentication at the Ministry of Justice revealed that during the first two weeks of this month, a total of 191 contracts were executed across all six governorates, amounting to 97.025 million dinars. Furthermore, two agencies worth 1.52 million dinars were also registered.

These transactions included 139 contracts related to private real estate, with a value of 55.807 million dinars, and 44 deals within the investment sector, totaling 32.776 million dinars. Moreover, six commercial properties with a total value of 8.442 million dinars were registered, along with a coastal strip property worth 2.2 million dinars. No movement was observed in the craft, exhibition, warehouse, or industrial real estate sectors during this specified period, except for the registration of one agency in the private real estate sector valued at 450 thousand dinars, and another agency in investment real estate worth 1.07 million dinars.

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