Complex Made Simple

Kuwait real estate sales down 29 per cent in 11 months

Total residential sales amounted to KWD1.23bn in 2015 year-to-date and KWD95.1 million in November

Kuwait real estate sales in the January-November period of the current year hit a total of KWD2.8 billion, down by 29 per cent compared with the same period last year, according said a report by Kuwait National Bank (NBK) Tuesday.

During the 11-month period, prices remained soft with most of the price indices logging negative annual growth, except for the residential land price index, which was underpinned by a strong performance this month, the report published by the Kuwait News Agency indicates.

Total residential sales amounted to KWD1.23bn in 2015 year-to-date (ytd) and KWD95.1 million in November. In terms of value and number of units sold during the 11-month period, they were both down 28 per cent and 33 per cent, respectively, compared with the same period last year.

Land plots comprised 45 per cent of residential sales in November, well below the 64 per cent average reported in 2014.

Sales in the investment sector (mostly apartment buildings) rebounded in November to KWD121m, almost doubling month-on-month and rising for the first time in four months.

The commercial sector remains active with sector sales up year-to-date. KWD volumes totalled KWD412m ytd, a slowdown of 21 per cent from the same period last year.

(KWD1 = AED12.10, at the time of publishing)