kuwaits real estate activity in august muted
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kuwait's real estate activity in August muted

Arab Today, arab today

Arab Today, arab today Kuwait's real estate activity in August muted

National Bank of Kuwait (NBK)
Kuwait - KUNA

Real estate sales declined for the second month in a row, to level at KD 250 million in August, a drop of 6.7 percent month-on-month (m/m), a specialized economic report showed Friday. The report, by the National Bank of Kuwait (NBK), clarified that the real estate activity is traditionally muted in August when much of the country takes its annual summer vacation. The declines came after a record June, and August sales were still up by 12 percent year-on-year (y/y).
"Sales in the residential sector totaled KD 112 million in August, an increase of 6.5 percent y/y. The number of transactions during the month dropped by 2 percent y/y to 511. The average transaction size increased by 8 percent y/y to KD 218,000.
"However, it is interesting to note that for the last four consecutive months, the average transaction value (per m2) for plots of land has shown a decline. This is not an indication of softer prices but rather a reflection of the fact that, in recent months, plot transactions have been heavily dominated by sales in the Sabah Al-Ahmad area (over 50 percent of August plot sales). In that area, prices are well below other regions and have thus pulled the overall average down over the last 3 months," reads the report.
As per the report, the residential activity was heaviest in the Ahmadi governorate, which, with 363 transactions, accounted for 71 percent of all residential transactions in Kuwait during August.
"The Mubarak Al-Kabeer and Hawalli governorates each accounted for 8 percent of all transactions, while the Jahra governorate witnessed 6 percent. In the residential sector, 74 percent of all transactions involved the purchase and sale of land or vacant plots." Meanwhile, NBK report unveiled that the sales in the investment sector stood at approximately KD 125 million in August, more than double the value of sales in August 2013. 96 transactions took place during the month, an increase of 35 percent y/y. The average transaction size also increased to KD 1.3 million.
The data also showed that the investment sector, apartments accounted for 42 percent of all transactions. Whole buildings followed, comprising 26 percent of all transactions.
"The Ahmadi governorate once again recorded the bulk of activity. The largest transaction, however, involved the sale of a plot for KD 15 million in Kuwait City. Transactions involving vacant plots accounted for 25 percent," it stated.
"Sales in the commercial sector were up to KD 14 million from KD 3.4 million in July. Sales were down by 78 percent y/y, however. Only four transactions were recorded during the month, two of which were over KD 4 million. Sales in this sector are fairly volatile from month to month."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwaits real estate activity in august muted kuwaits real estate activity in august muted

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwaits real estate activity in august muted kuwaits real estate activity in august muted

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday