National Bank of Kuwait: Real estate sales down 27 pct in'16Source: www.export-egypt.com 12/26/2016, Location: Middle East |
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Sales in the local real estate sector have fallen by around 27 percent to KD 2.04 billion since the beginning of 2016, showed a recent economic report.
The real estate market received a significant boost from the commercial sector in November, pushing the monthly sales above KD 200 million for the first time in six months, said the report released by the National Bank of Kuwait (NBK). Activity and KD sales of the residential and investment sectors continued to lag last years performance by 22% year-on-year (y/y) each, the report indicated. Sector sales totaled KD 71.4 million on 244 transactions during the month. KD sales and transactions were both down 25% and 21% y/y, respectively, it added. Sales totaled KD 57.9 million, down 1% month-on-month (m/m), in 112 transactions. The sectors activity throughout the last two months has been generally soft, reminding us of the summer lull, despite the pickup in investment building sales, the NBK's report noted. The commercial sector provided the only support for the real estate market this month. Sales soared to KD 82.5 million, the second highest performance this year. Year-to-date sales were up 5% from the same period last year, it showed. This was based on only nine transactions; the largest transactions recorded were two commercial plots in Sabah Al-Ahmad Sea City for KD 20.3 million and a commercial plot in Salmiya for KD 2.6 millio, the report concluded. |
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