Kuwait’s real estate sales hit a three-year low in August after retreating for the second month in a row. The sales declined by 22 per cent (KWD58.4 million) to reach a total of KWD205m, compared with the KWD263m recorded in July, a new report reveals.
In August, housing units’ sales shrunk by 16 per cent, while sales of investment properties plunged by 29.7 per cent and those of commercial units tumbled by 17 per cent, Kuwait Finance House says in a report.
The average value of a real estate deal sank by 25 per cent month-on-month, while the average value of housing units sales edged down by 14 per cent to KWD328,000, compared with the previous month.
Furthermore, the average value of investment-oriented real estate deals plummeted by 41 per cent to KWD557,000 – the steepest decline since 2010.
On a daily basis, the country’s buy-sell real estate activity dropped to an average of KWD9.3m against KWD13m a day in most days of July.
However, the number of real estate deals in August edged up by 3.6 per cent to 430, compared with 415 deals in July.
(KWD1 = AED12.1, at the time of publishing)