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Kuwait’s real estate sector declines by 29 per cent

Except the residential house price index, other indices recorded weak positive annual growth

Kuwait’s real estate market continued weakening in the beginning of the last quarter of 2015, despite the improvement in the commercial sector, a specialised real estate report reveals.

Total real estate sales since the beginning of the year until October 2015 have amounted to KWD2.5 billion, down by 29 per cent from the same period of last year, reports alarabiya.net.

Most of the real estate price indices recorded weak positive annual growth, with the exception of the residential house price index, which continued to decline since a year ago, according to the National Bank of Kuwait’s report.

The total sales in the residential sector amounted to KWD1.138bn in 2015 and KWD73.2 million in October. Sales and the number of housing units fell by 26 per cent in 2015 and 31 per cent in October, respectively, compared with the same period last year.

In the year to date, 1,579 residential lands have been sold compared with 3,056 for the same period last year.

(KWD1 = AED12.07, at the time of publishing)