Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Real estate sales grew by 22 pct in February  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 29/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) The National Bank of Kuwait (NBK) reported Friday that the local real estate data for February show sales totaling KD 266 million, up by 22 percent year on year (y/y)



Although solid, sales were likely negatively affected by the short nature of the month of February, including the National Day public holidays. After accounting for this, underlying performance may therefore have been stronger



Sales growth in the residential and investment sectors remained good, while the more unpredictable commercial sector saw negative growth y/y, according to the NBK monthly market report



In terms of location, 32 percent of transactions were in Mubarak Al-Kabeer governorate, mostly plots in Abu Fateera and Funaitees areas. Another 30 percent went to Al-Ahmedi governorate



Sales of land plots - as opposed to finished buildings - accounted for 60 percent of all residential transactions in February. Sales in the investment sector stood at KD 120 million in February, up 29 percent y/y, but down 15 percent month on month (m/m). The m/m decline in sales was driven by a lower number of transactions - perhaps attributable to seasonal effects. But overall, interest in the sector continues to hold up well



Sales levels remain solid from a historical perspective and average price levels per m2 have recovered strongly after a dip in 4Q last year

The sector has long been viewed as a viable alternative to the stock market for investing. Whole buildings made up more than half of all transactions in the investment sector - the majority in Mahbola. Individual apartments came in second, accounting for 35 percent of transactions, followed by plots with a 13 percent share



Sales in the commercial sector dropped 60 percent to KD 8.4 million in February, from KD 21 million a year earlier. Just three transactions were recorded in the sector with one complex in Hawalli selling for KD 4.8 million, the report went on. Sales in this sector are often uneven month-to-month. While 2013 was an exceptional year for the sector, part of this may have come from purchases by government-held portfolios. Away from sales, Kuwait Credit Bank approved KD 23 million in loans in February, down 5 percent from a year earlier



The past year has nevertheless been a very active year for the bank. The slowdown in the past couple of months could be linked to a slowdown in the distribution of government plots, it added

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 May 27 2015 - European shares gain, Generali up on dividend commitmentSaudi Press Agency
(MENAFN - Saudi Press Agency) European shares rose on Wednesday after sharp declines in the previous session, with Italy's biggest insurer Generali gaining after committing to boost dividends and ...

 May 27 2015 - Crown Prince Congratulates Ethiopia's President on National DaySaudi Press Agency
(MENAFN - Saudi Press Agency) Crown Prince Mohammed bin Naif bin Abdulaziz, Deputy Premier and Minister of Interior, has sent a cable of congratulations to President Mulatu Teshome of the Federal ...

 May 27 2015 - Custodian of the Two Holy Mosques receives a message from Russian PresidentSaudi Press Agency
(MENAFN - Saudi Press Agency) The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received a message from President Vladimir Putin of the Russian Federation.The message was ...

 May 27 2015 - IIRO Distributes SR 22 Millions Aid to Affected YemenisSaudi Press Agency
(MENAFN - Saudi Press Agency) The International Islamic Relief Organization (IIRO) of the Muslim World League (MWL) has recently distributed a variety of assistance amounting to SR 21,998,000 to ...

 May 27 2015 - Crown Prince Congratulates Nepal's President on National DaySaudi Press Agency
(MENAFN - Saudi Press Agency) Crown Prince Mohammed bin Naif bin Abdulaziz, Deputy Premier and Minister of Interior, has sent a cable of congratulations to President Dr. Ram Baran Yadav of the ...

 May 27 2015 - General Supervisor of King Salman Center for Relief and Humanitarian Works Signs Agreement with World Food ProgramSaudi Press Agency
(MENAFN - Saudi Press Agency) The Advisor at the Royal Court and General Supervisor of King Salman Center for Relief and Humanitarian Works Dr. Abdullah bin Abdulaziz Al-Rabiah signed today a ...

 May 27 2015 - Dubai announces crude oil price for AugustEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Department of Oil Affairs of the Government of Dubai has announced that it has notified customers that the official price of Dubai crude oil to be delivered ...

 May 27 2015 - Khalifa Fund promotes Zaarie programme's productsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Senior delegates, including chefs and heads of procurements in Abu Dhabi hotels, have visited a number of farms under the Zaarie programme, which was recently ...

 May 27 2015 - Oman Crude Oil Financial Contract closes at US$62.19 at DMEEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The price of Oman Crude Oil Financial Contract, DME Oman, closed at US$62.19 a barrel for July delivery, at Dubai Mercantile Exchange at 12:30 p.m., Dubai ...

 May 27 2015 - UAE ranks first in Quality of Air Transport InfrastructureEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The United Arab Emirates has ranked first globally in Quality of Air Transport Infrastructure, according to a major annual report by the Swiss-based ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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