Kuwait – Mubasher: Kuwaiti stock market had been affected considerably by the decline of the real estate market on the back of the decreased transactions in the sector, Secretary General of Kuwait Real Estate Union Qais Al-Ghanim said on Sunday.
The decline of buying and selling transactions in the real estate sector prevented the frozen capital from being invested in the sector, which had a bad impact on the Boursa Kuwait, Al-Ghanim added.
The real estate transactions grew 9% to KWD 1.95 billion ($6.5 billion) in the first 10 months of 2017 versus KWD 1.84 billion ($6.1 billion) in the year-ago period.
These transactions are expected to decline by the end of 2017 on the heels of the general slowdown trend, Al-Ghanim remarked.
Investments in Kuwait are mainly based on two elements: the real estate sector and the stock market, which have a big impact on the economy, as in any oil-based economy, Al-Ghanim explained.
