Kuwait's Realty Sales Deals in June Spike to $1.3bn

Kuwait's realty sector witnessed increasing activity last month when compared to May recording a total of 1,271 transactions worth KD392 million ($1.3 billion) with the Al Ahmadi Governorate garnering the lion's share of deals. The value of private housing trading act

BY Realty Plus
Published - Friday, 30 Jul, 2021

Kuwait's Realty Sales Deals in June Spike to $1.3bn

Kuwait's realty sector witnessed increasing activity last month when compared to May recording a total of 1,271 transactions worth KD392 million ($1.3 billion) with the Al Ahmadi Governorate garnering the lion's share of deals. The value of private housing trading activity too rose 7.7 per cent. The number of real estate deals for June distributed between 1,201 contracts worth KD363.1 million and 70 agencies, according to the latest data available in the Ministry of Justice - Real Estate Registration and Authentication Department. When comparing the total trading for June last year, the report said it had increased around 407 per cent from about KD77.2 million to KD391.9 million. The rise included the liquidity of private housing activity by 447.4%, the liquidity of investment housing activity by 309.9% and the liquidity of commercial activity by 176.6%. Regionwise, Al Ahmadi Governorate achieved the highest number of deals with 861 deals, representing about 67.7% of the total number of real estate transactions, followed by Hawalli Governorate with 143 deals, representing about 11.3%, while Jahra Governorate had the lowest number of deals with 27 deals represented by 2.1%, it added. According to the report, the monthly average value of private housing transactions during the last 12 months amounted to about KD215.6 million, meaning that the value of transactions for the month of June 2021 is 46.1% higher compared to the average. The number of deals for this activity increased in JUne to 1,166 deals, compared to 1,059 deals the previous month, it added.