Mubasher: The real estate sector in Kuwait has continued its upward trend during 2018, bringing up the property deals to the third highest value in about 10 years, Kuwait Finance House (KFH) said in a report.
The value of real estate transactions in the GCC nation soared by an unprecedented increase of 48% to KWD 3.8 billion, while the number of real estate deals rose 20% to 6,341 transactions, the report added.
The significant growth in Kuwait’s property market in 2018 was supported by noticeable expansion in various sectors led by the real estate investment sector which raised the value of its deals by 57% year-on-year to KWD 1.7 billion.
Additionally, commercial real estate deals also leaped 63% to KWD 585 million, while private housing went up 3% to KWD 1.4 billion over the course of the previous year.
Kuwait’s real estate market witnessed positive performance in the fourth quarter of 2018 for all sectors, bringing the value of deals near KWD 1.1 billion with a 29% quarter-on-quarter growth.
As for the number of deals, the real estate sector in the GCC country saw a 23% increase on a quarterly basis to 1,900 transactions in Q4-18, hitting its largest number in about three years.
