Kuwaiti real estate sales register $5.9bln in six months

High Angle View Of City In Kuwait, Al Mahbulah.

Mubasher: The total value of real estate sales in Kuwait reached KWD 1.88 billion ($5.9 billion) during the first six months of 2019, a report by Kuwait International Bank (KIB) showed on Saturday, according to the Kuwait News Agency (KUNA).

The number of real estate transactions in Kuwait grew to 3,539 in H1-19, from 2,973 a year earlier.

“The improvement in the market performance was mainly supported by the residential and commercial sectors. Residential sales for the first half of 2019 rose by 24% year-on-year to reach KD 790 million ($2.6 billion),” KUNA reported.

Residential sector’s transactions rose by 21% year-on-year to 2,421 from January to the end of June, while the sales of the commercial sector went up by 25% year-on-year in value in H1-19, recording KWD 300 million ($990 million).

“The sales of the investment sector fell by 18% in the first half of 2019 due to the relatively weak performance recorded in the first quarter of this year, pointing out that the investment sector recorded sales levels similar to those recorded in the second quarter of the year 2018,” KIB’s data revealed.

[“source=zawya”]

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