Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Real estate sales up by 20 pcnt in March - report  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 13/05/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Kuwait News Agency (KUNA)) Real estate data for March show sales totaling KD 351 million, up 20 percent y/y, closing the 1st quarter with sales totaling KD 923 million, an economic report showed here on Monday.

Sales were up across all sectors with an exceptional performance by the commercial sector. The residential and investment sectors remained solid, and the real estate sector is expected to have another strong year, it said.

Sales in the residential sector reached KD 177 million in March, a 1 percent y/y increase. Although there was a 10 percent y/y decline in the number of transactions to 439, this was more than offset by a rise in the average transaction value. The latter increased 32 percent y/y to KD 403,000, showed the report, released by the National Bank of Kuwait (NBK).

It is worth noting that despite strong year-on-year increases in sales, the number of transactions has been dropping (year-on-year) in past months - a possible reflection of the short supply of residential properties available on the market.

In terms of location, 34 percent of transactions were in Al-Ahmadi governorate, followed by Mubarak Al-Kabeer with 25 percent of transactions. Sales of land plots - as opposed to finished buildings - accounted for 57 percent of all residential transactions in March. Quarterly, Al-Ahmadi also led the governorates with 33 percent of all transactions in the first quarter followed by Mubarak Al-Kabeer, which has been seeing increased activity in the Abu Fateera and Funaitees areas.

Sales in the investment sector stod at KD 132 million in March, up 9 percent y/y. The sector also saw a 53 percent y/y increase in the number of transactions, recording 195 transactions by the end of March. The increases reflected on the average size of transaction which dropped 29 percent y/y, to KD 680,000. In quarter analysis, the investment sector sales grew 35 percent compared to Q1 of 2013, it said.

Individual apartments made up more than half of all transactions in the investment sector - the majority in Mahbola. Whole buildings came in second, accounting for 32 percent of transactions, followed by plots with an 11 percent share, it added.

Sales in the commercial sector soared 9 percent to KD 42 million in March, from KD 22 million a year earlier. The sector recorded 12 transactions, with one plot in Jahra selling for KD 11 million. Sales in this sector are often uneven month-to-month. While the sector's performance in the first two months of 2014 seemed to be cooling, March sales confirmed a strong bounce back.

March also witnessed two significant transactions classified by the Ministry of Justice as "coastal line" properties. The first is a 4,000 m2 residential plot in Messila sold for KD 9 million, while the second was a 3,700m2 commercial 'shops' transaction in Mahbola, for KD 7 million. Kuwait Credit Bank approved KD 29 million in loans in March, down 16 percent from a year ago. The past year has nevertheless been a very active year for the bank. The slowdown in the past couple of months may be linked to a slowdown in the distribution of plots, the NBK report concluded.


Kuwait News Agency (KUNA)

  MENA News Headlines
 Oct 24 2016 - India builds corruption-free systemKhaleej Times
(MENAFN - Khaleej Times) India, which has prioritised over $1 trillion infrastructure development as a key growth driver, is "ready to cooperate and welcome everyone to explore and invest in ...

 Oct 24 2016 - SMEs in Dubai set to get cash advance facilityKhaleej Times
(MENAFN - Khaleej Times) Entrepreneurs fulfilling the eligibility criteria can apply for the facility with original invoices and local purchase orders The Mohammed Bin Rashid Fund (MBRF) in Dubai ...

 Oct 24 2016 -  Football: Barca, Real, Atletico face testing La Liga weekendKhaleej Times
(MENAFN - Khaleej Times) Six of the top seven face off, while Barcelona face a treacherous trip to Valencia in a blockbuster weekend of La Liga action. With the top six separated by just three ...

 Oct 24 2016 - Messi saves Barca the blushes with last-gasp goalKhaleej Times
(MENAFN - Khaleej Times) Lionel Messi squeezed home a stoppage-time penalty to grab a 3-2 win for champions Barcelona at Valencia in a thrilling and controversial La Liga match on Saturday. Barca ...

 Oct 24 2016 - WATCH: Arabian Gulf League joins hands with English Premier LeagueKhaleej Times
(MENAFN - Khaleej Times) A new developmental programme involving the English Premier League (EPL) directly, will give a further boost to the Arabian Gulf League (AGL), organised and managed by the ...

 Oct 24 2016 - Abu Dhabi's financial centre gets interest from 160 firmsKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi's financial centre Abu Dhabi Global Market, or ADGM, has registered and granted licences to 160 companies from a range of industries and sectors. The financial ...

 Oct 24 2016 -  Guardiola equals his worst run as managerKhaleej Times
(MENAFN - Khaleej Times) Manchester City returned to the top of the Premier League on goal difference after coming from behind to draw 1-1 with Southampton at the Etihad Stadium on Sunday. ...

 Oct 24 2016 - Making money in Wall Street bank sharesKhaleej Times
(MENAFN - Khaleej Times) Last month was an excellent period to own financial shares. September US payroll data reinforced the odds of a Federal Reserve rate hike in December. The Deutsche Bank ...

 Oct 24 2016 - Small-ball conservatism or national greatness?Asia Times
(MENAFN - Asia Times) Small-ball conservatism dominates mainstream Republican thinking. It finds expression in the writing of Ramesh Pommeru, Ross Douthat, and Yuval Levin, whose 'conservative ...

 Oct 24 2016 - Saudi- Minister of Hajj, Umrah Receives Speaker of Chadian ParliamentSaudi Press Agency
(MENAFN - Saudi Press Agency) Jeddah, Muharram 22, 1438, Oct 23, 2016, SPA -- Minister of Hajj and Umrah Dr. Mohammed bin Saleh Binten received here today Speaker of the Chadian National Assembly ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help