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
 Apr 26 2015 - Morsi's trial 'badly flawed': HRWDaily News Egypt
(MENAFN - Daily News Egypt) Human Rights Watch (HRW) described the first trial of former president Mohamed Morsi as "badly flawed", in a statement on Sunday.The watchdog added in its statement that ...

 Apr 26 2015 - Egypt returning to central role in world: MehlebDaily News Egypt
(MENAFN - Daily News Egypt) The State Information Service (SIS) hailed Prime Minister Ibrahim Mehleb's visit to Indonesia Sunday as "a message that Egypt has made a strong return to its natural and ...

 Apr 26 2015 - Egypt- Feud between Mortada Mansour and UWK continuesDaily News Egypt
(MENAFN - Daily News Egypt) The Criminal Court postponed to 10 May the trial of 21 Ultras White Knights (UWK) members on charges of the attempted murder of the Al-Zamalek club's president Mortada ...

 Apr 26 2015 - New Mondelez Egypt production-line investments are worth EGP 200 m: Managing directorDaily News Egypt
(MENAFN - Daily News Egypt) The Mondelez chocolate company has launched a new production-line under the name of "Marvellous Creations", according to Bassil Abul-Ata, Managing Director of Mondelez ...

 Apr 26 2015 - 6 banks request Citibank Egypt retail business acquisitionDaily News Egypt
(MENAFN - Daily News Egypt) Six banks have requested to acquire Citigroup's retail business in Egypt, with the Central Bank of Egypt (CBE) on top of the acquisition discussions, a Citibank Egypt ...

 Apr 26 2015 - Spike in 'single' cigarette sales expected to decrease tax proceeds by EGP 2bn: TradersDaily News Egypt
(MENAFN - Daily News Egypt) The Cairo and Giza Tobacco Traders Association expects a decrease in tax proceeds of EGP 2bn in the current fiscal year's national budget, due to a nationwide increase in ...

 Apr 26 2015 - Egypt- CBE reduces commission of credit letters to facilitate importsDaily News Egypt
(MENAFN - Daily News) EgyptImporters commented on the recent decision of Central Bank of Egypt (CBE), reducing commissions of opening letters of credit from 2.5% to 1.5%.The importers said the ...

 Apr 26 2015 - Banque du Caire targets EGP 2bn increase for retail portfolio by end of 2015: HusseinDaily News Egypt
(MENAFN - Daily News Egypt) Banque du Caire is targeting an increase of partial loans by EGP 2bn by the end of this year, to come in at a value of EGP 22bn.Ahmed Hussein, Director of Retail Banking ...

 Apr 26 2015 - Egypt- Consumer Protection emphasise maintaining mineral water pricesDaily News Egypt
(MENAFN - Daily News Egypt) As fears over water safety continue, measures are taken to ensuring mineral water prices remain unchanged.The Consumer Protection Department at the Ministry of Supply and ...

 Apr 26 2015 - Egypt- VAT law will raise inflation indicators, reduce purchasing power of consumers: Dcode ChairmanDaily News Egypt
(MENAFN - Daily News Egypt) Chairman of Dcode Economic and Financial Consulting Mohamed Farid expects inflation indicators to rise, while the purchasing power of consumers will be reduced with the ...

more...


 






Google

 
 

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