Global Arab Network | Kuwait - Real estate transactions increase 32% last month

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Kuwait - Real estate transactions increase 32% last month

Global Arab Network - - Mohamed Tamer

Tuesday, 22 December 2009 16:37

Transactions in the local real estate sector posted a hike of 32 percent in November, compared to the previous month, according to a report freshly released on Tuesday.

The report, prepared by the Emaar Al-Ahlia for Real-Estate Services Company, said that offered rates on the local market was the main reason behind the increase, which influenced by reservations to make transactions abroad.

The Kuwaiti market saw a hike in all real estate sectors - private, investment and commercial - with 631 contracts officially registered last October, at a 22 percent increase, the report said.

Current changes are attributed to increase in offer-on-demand and for availability of purchasing opportunities, especially in Mubarak Al-Kabir and Ahmadi governorates, it added.

Other contributing factors include accessibility of cash and emergence of small portfolios in the investment sector, it said.

As for the housing sector, the report noted a noticeable spike, with a 34 percent increase in contract transactions compared to last month. Total contracts registered in November reached 379, at a total value of KD 87.5 million, while October saw the registration of 280 contracts worth of KD 61.6 million.

Contracts for private houses came to 72, and worth of KD 18.2 million in November, while in October, 44 contracts worth of KD 7.7 million were registered.

In terms of transactions made by the private sector per governorate in November, the report showed that Mubarak Al-Kabir governorate came first with 97 contracts, followed by Hawalli with 95, Farwaniya with 63, Ahmadi with 58, Asima (capital) with 34, and Jahra last with 32.

As for the investment sector, it said that it was active in November, following through its trend in October, where investment deals involved 156 plots, valued at KD 66.7 million, at a 23.5 percent increase over October.

For the the commercial sector, its operations rose a rather meek 17 percent, with the total value of commercial plots transacted reaching KD 38.8 million. (KUNA)

Global Arab Network

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