Mubasher: The real estate sector in Kuwait has continued its positive trajectory that started four years ago, as it recorded sale transactions worth KWD 3.7 billion in 2019, signalling the second-highest level since 2015.
Last year’s value was yet down by 1.5% when compared to 2018, Kuwait Finance House (KFH) said in a report on Tuesday.
The number of real estate transactions increased by 6.4% year-on-year (YoY) in 2019 to a total 6,765, the highest since 2016. This was boosted by varied performance in all real estate sectors.
Over the fourth quarter (Q4) of last year, real estate sales amounted to KWD 863 million, down from its higher levels in the previous three quarters, and 11% lower than Q3-19, which resulted from lower investment and commercial property sales.
On an annual basis, real estate sales retreated by 26% due to lower commercial property and private residence sales and a higher plunge in the investment sector sales.
The number of transactions in Q4-19 slipped by 7.4% quarter-on-quarter (QoQ) to 1,556, and by 16.7% YoY.
It is worthy to point out that private residence sales have continued their upward performance, soaring by 4% QoQ and by 24% YoY.
In contrast, sales in the investment and commercial sectors declined on a quarterly basis by 4% and 29%, and on an annual basis by 41% and 32%, respectively.
