Mubasher: The real estate sector in Kuwait recorded improvement in October, endorsed by strong sales growth figures, with prices remained relatively stable, according to a recent report by the National Bank of Kuwait (NBK).
Total real estate sales surged by 46% year-on-year in October, recording the highest monthly growth since June 2014, reaching KWD 216.9 million.
This jump in real estate sales was backed by revived activity in the commercial sector as well as by strength from the residential sector sales.
Transactions enlarged to 450 units in October, increasing by 23% compared to the same period last year.
“Prices remained on the recovery trend overall, except for the residential home price index that saw a return to early 2017 price levels,” according to the NBK’s report.
The residential sector boosted the real estate market in Kuwait once again in October, continuing the supportive role witnessed throughout 2017; residential sales leaped by 38% year-on-year in October to KWD 110.3 million with a total of 357 transactions.
“In the first ten months of this year, sales activity in the residential property market as a whole has grown by 25% compared to the same period last year,” the report added.
Residential land prices in Kuwait continued their recovery in October after the slowdown in the first six months of 2017, while residential home prices softened slightly.
Investment property sales showed improvement, yet still lower than the prior year’s monthly average as October sales reached KWD 60.1 million, a better performance than the Q3-17 monthly average; however, sales remained below the 2016 monthly average of KWD 68 million.
“Higher sales in September and October helped reverse the drag on investment building prices,” the report said.
