Kuwait: Real estate market sees a significant surge in property deals and values

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KUWAIT CITY: According to statistics issued by the Real Estate Brokers Union concerning real estate transactions in July, there was an increase in the value of real estate transactions by 22 percent and the number of properties by 46 percent in July compared to June. The total value of real estate transactions in July was about KD 385.5 million compared to KD 316.4 million in June.

The number of properties in July was 472 compared to 323 properties in June. The statistics showed that the residential sector led in both the value and number of real estate transactions, comprising 39 percent of the total trading value and 71 percent of the total number of properties. The investment sector ranked second with 30 percent in trading value and 24 percent in property numbers.

The commercial sector secured third place with 17 percent in trading value and 2.5 percent in property numbers. Other transactions accounted for 14 percent of the trading value and 2.5 percent of the number of transactions. The statistics also showed an increase in the value of real estate transactions in the residential sector by 42 percent and an increase in the number of transactions by 55 percent in July compared to June. The value of transactions reached KD 151.5 million with 337 properties compared to KD 107 million with 218 properties last month. Sabah Al-Ahmad Marine City came first with about 17 percent, followed by Al-Masayel with about nine percent of the total value of transactions in the residential sector. Sabah Al-Ahmad Marine City accounts for approximately 38 percent of the land transactions in the residential sector.

There was a notable increase of about three percent in the value of real estate transactions in the investment sector and a 35 percent rise in the number of transactions from June to July. Transactions totaled KD 115.5 million across 113 properties, compared to KD 112 million involving 84 properties the previous month. In terms of distribution, Salmiya led with approximately 25 percent of the total transaction value in the investment sector, followed by Hawally with 22 percent.

Meanwhile, Mahboula accounted for approximately 30 percent of the total number of apartment transactions in this sector. In the commercial sector, there was a notable decline of 30 percent in trading value and 42 percent in the number of transactions from June to July. This month, real estate trading amounted to KD 65.9 million across 11 properties, compared to KD 93.7 million involving 19 properties in June. Salmiya remained at the forefront with approximately 38 percent of the total trading value in the sector, followed by Kuwait City with around 19 percent. Sabah Al- Ahmad Sea City represented 67 percent of the total number of land transactions in the commercial sector