Kuwait: Residential Sales Lift Kuwait's Real Estate Sector in July - NBKSource: www.export-egypt.com 8/29/2017, Location: Middle East |
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Kuwait's real estate sales grew 11.8 percent year-on-year (y/y) in July to reach KD 161.5 million, as the field continued to improve despite the summer season, said the National Bank of Kuwait (NBK).
Real estate transactions on the other hand have gained more traction since the beginning of this year, recording a 30 percent increase y/y, with support from the residential sector, said NBK in a report . Real estate prices across most sectors continued to hold steady, although they were still off by 5-10 percent y/y, it added. The bank noted that the residential sector sales grew 43.4 percent y/y in July to KD 90.3 million. The number of transactions in the sector was 268, a third of which were plots and the rest were predominantly homes. Though activity was roughly well distributed in a number of areas, more than 30 transactions took place in each of the Abu Ftaira and Sabah Al-Ahmad Sea City, it said. The improved momentum in the residential sector was reflected in the NBK residential price indices. The residential home index witnessed a healthy uptick for the first time in almost a year of stable performance. The residential land index stood at 163 points, down 11 percent y/y, hovering around 1H13 price levels. The increased supply of residential land, predominantly due to the healthy distribution of subsidized plots by the Public Authority for Housing Welfare (PAHW), may have exercised some downward pressure on land prices, the report said. Meanwhile, the bank said the investment sector activity remained anemic. The sector's sales totaled KD 57.5 million, down 6.0 percent y/y. The number of transactions picked up in July to 100 from June's 74, but remains slightly below 2016's monthly average of 108 transactions. Over 70 percent of the transactions were apartment sales, predominantly in Bnaid Al-Qar, Sabah Al-Salem, and Mahboula. The NBK investment building price retreated slightly in July in tandem with the slowdown in the sector's activity. The index slipped slightly in July to 181.5 from 188.3 in June. The index is down 6.0 percent y/y, an improvement from the double-digit decline rates recorded the previous year. The commercial sector recovered somewhat from its 2017 low, with sales amounting to KD 13.8 million in July. Four transactions were recorded in July, the largest being a commercial building in Farwaniya for KD 6.0 million. |
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