Complex Made Simple

Number of real estate deals in Kuwait declines by 29 per cent in Q3

Occupancy and rental rates remained stable at previous quarters’ rates

The number of real estate deals in Kuwait during the third quarter of the year reached 1,180, down by 479 deals or 29 per cent compared with 1,659 in the second quarter, shows a report.

According to the real estate report released by the Kuwait Finance House (KFH), this means that the real estate deals concluded during the third quarter represent 71 per cent of the total number of deals in the previous quarter.

Real estates’ occupancy and rental rates remained stable at previous rates during the third quarter for all types of investment properties between 90 per cent and 96 per cent, while occupancy rates improved in commercial real estate, particularly for offices located in the capital.

In terms of private houses, the report indicates that the average rental values vary according to the region and the unit space.

The average rent per commercial square meter for the ground floor rose to between KWD25 and KWD35 per square meter in Hawalli, while it reached KWD35 in prime locations of Kuwait City.

(KWD1 = AED12.08, at the time of publishing)