Kuwaiti real estate transactions rise 13.8% in third week of May
KUWAIT CITY, June 1: Real estate trading activity witnessed a huge difference in the number and value of transactions in the third week of May, compared to the second week of the same month. The number of transactions in various property types increased by 13.8 percent, compared to a 10.6 percent decrease in the value of transactions. The total number of real estate transactions during the third week reached around 123, valued at KD76.956 million, compared to 106 transactions, valued at KD86.059 million in the second week of May. The weekly statistical report on real estate trading activity at the Real Estate Registration and Documentation Departments from May 18-22 revealed an increase of around 26 percent in the number and 6.8 percent in the value of private residential real estate transactions.
The total number of transactions during the week reached 100, valued at KD41.270 million, compared to 74 transactions, valued at KD38.450 million in the previous week. Private residential real estate transactions accounted for the lion's share of the number and value of transactions during the week, accounting for 81.3 percent of the total number and 53.6 percent of the value of transactions. Investment real estate transactions followed, accounting for 17.9 percent of the total number and 39.7 percent of the total value. Weekly investment real estate transactions witnessed a significant decline in the number and value of transactions.
The report revealed approximately 22 real estate transactions worth KD30.572 million -- 26.7 percent decrease in the number and 9.9 percent decrease in value compared to the previous week's 30 transactions worth KD33.849 million. Although only one commercial real estate transaction was recorded in the second and third weeks of May, the decline in the value of commercial transactions in the third week compared to the second week may reflect an anticipated stagnation in real estate transactions during summer.
The value of commercial transactions in the third week decreased by 39.8 percent (KD3.386 million) compared to the second week, reaching 8,500 transactions, compared to KD5.114 million in the third week. There was no movement in real estate transactions for crafts, warehouses, showrooms, shops or the coastal strip this week
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