KFH: KD 30 Billion In Credit Facilities For Real Estate Sector

1/22/2025 9:04:07 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 22 (KUNA) -- Kuwait Finance House KFH "Baitak" announced Wednesday that the total value of credit facilities for the Real estate sector reached about KD 30 billion (USD 99 billion) by the end of November 2024.
This includes loans for real estate development, construction, installment facilities, and credit extended for private housing.
According to Baitak latest real estate report for the fourth quarter of 2024, KFH revealed that credit facilities for the real estate and construction sectors stood at KD 13.2 billion (USD 43.5 billion) by the end of November, marking an annual growth of 5.9 percent.
The report also added that the installment credit facilities provided to individuals seeking to build private housing units grew by one percent in November, reaching nearly KD 16.5 billion (USD 54.4 billion). Meanwhile, credit facilities for private and model housing projects amounted to KD 255 million (USD 841 million).
KFH noted the continued upward trend in the overall credit facilities extended to the real estate sector, contributing to a rise in total banking credit, which exceeded KD 57.1 billion (USD 188 billion) by the end of November, representing a 32 percent year-on-year increase compared to the third quarter of 2024.
Regarding real estate transactions, the report indicated that transactions in the private housing sector increased to KD 455.8 million (USD 1.5 billion), a 12.1 percent rise compared to the third quarter. However, the average transaction value in this sector decreased by 6.3 percent to KD 412,000 (USD 1.3 million) on a quarterly basis.
The number of private housing transactions increased to 1,107 deals in the fourth quarter, reflecting a 19.7 percent rise compared to the third quarter. Additionally, the value of transactions in the investment property sector surged to KD 432.7 million (USD 1.4 billion), a 19.7 percent increase from the previous quarter and a 31.9 percent annual rise.
The value of commercial property transactions also grew by 24.4 percent in the fourth quarter compared to the third quarter, reaching KD 193.3 million (USD 637 million). (end)
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