Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Real estate sales up by 20 pcnt in March - report  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 13/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) Real estate data for March show sales totaling KD 351 million, up 20 percent y/y, closing the 1st quarter with sales totaling KD 923 million, an economic report showed here on Monday.

Sales were up across all sectors with an exceptional performance by the commercial sector. The residential and investment sectors remained solid, and the real estate sector is expected to have another strong year, it said.

Sales in the residential sector reached KD 177 million in March, a 1 percent y/y increase. Although there was a 10 percent y/y decline in the number of transactions to 439, this was more than offset by a rise in the average transaction value. The latter increased 32 percent y/y to KD 403,000, showed the report, released by the National Bank of Kuwait (NBK).

It is worth noting that despite strong year-on-year increases in sales, the number of transactions has been dropping (year-on-year) in past months - a possible reflection of the short supply of residential properties available on the market.

In terms of location, 34 percent of transactions were in Al-Ahmadi governorate, followed by Mubarak Al-Kabeer with 25 percent of transactions. Sales of land plots - as opposed to finished buildings - accounted for 57 percent of all residential transactions in March. Quarterly, Al-Ahmadi also led the governorates with 33 percent of all transactions in the first quarter followed by Mubarak Al-Kabeer, which has been seeing increased activity in the Abu Fateera and Funaitees areas.

Sales in the investment sector stood at KD 132 million in March, up 9 percent y/y. The sector also saw a 53 percent y/y increase in the number of transactions, recording 195 transactions by the end of March. The increases reflected on the average size of transaction which dropped 29 percent y/y, to KD 680,000. In quarter analysis, the investment sector sales grew 35 percent compared to Q1 of 2013, it said.

Individual apartments made up more than half of all transactions in the investment sector - the majority in Mahbola. Whole buildings came in second, accounting for 32 percent of transactions, followed by plots with an 11 percent share, it added.

Sales in the commercial sector soared 9 percent to KD 42 million in March, from KD 22 million a year earlier. The sector recorded 12 transactions, with one plot in Jahra selling for KD 11 million. Sales in this sector are often uneven month-to-month. While the sector's performance in the first two months of 2014 seemed to be cooling, March sales confirmed a strong bounce back.

March also witnessed two significant transactions classified by the Ministry of Justice as "coastal line" properties. The first is a 4,000 m2 residential plot in Messila sold for KD 9 million, while the second was a 3,700m2 commercial 'shops' transaction in Mahbola, for KD 7 million. Kuwait Credit Bank approved KD 29 million in loans in March, down 16 percent from a year ago. The past year has nevertheless been a very active year for the bank. The slowdown in the past couple of months may be linked to a slowdown in the distribution of plots, the NBK report concluded.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Jul 29 2015 - QCB real estate price index hits record highThe Peninsula
(MENAFN - The Peninsula) After softening a bit in April 2015, Qatar's real estate price value rebounded 23.5 percent in June 2015, from a year ago period.The Qatar Central Bank's (QCB) updated real ...

 Jul 29 2015 - Qatar- GCC issues $48.13bn sukuks, bondsThe Peninsula
(MENAFN - The Peninsula) The aggregate primary issuance of bonds and sukuk by GCC entities, including cCentral Banks, totalled $48.13bn in the first half of 2015 (H1, 2015), a 15.19 percent decrease ...

 Jul 29 2015 - Libyan court sentences Gaddafi son Saif, eight other ex-officials to deathThe Peninsula
(MENAFN - The Peninsula) A Libyan court passed a death sentence in absentia on Muammar Gaddafi's most prominent son, Saif al-Islam, on Tuesday for war crimes and acts to crush peaceful protests ...

 Jul 29 2015 - Big rebel attack in Syria targets area vital to AssadThe Peninsula
(MENAFN - The Peninsula) Insurgents have launched a big offensive on government-held areas in northwestern Syria in a bid to advance towards a coastal region vital to President Bashar al-Assad's ...

 Jul 29 2015 - Kuwait condemns 4 Egyptians to death for murderThe Peninsula
(MENAFN - The Peninsula) A Kuwaiti court on Tuesday sentenced four Egyptian men to death for murdering a Pakistani guard during a robbery at a construction site.Another three Egyptians were sentenced ...

 Jul 29 2015 - Last Kuwaiti in Guantanamo seeks to return homeThe Peninsula
(MENAFN - The Peninsula) Fayiz al-Kandari has been held without charge for 14 years in US prison in Cuba, where he was allegedly tortured.In 2001 Kandari said he was imprisoned by the Northern ...

 Jul 29 2015 - At least 25 killed in Egypt furniture factory blazeThe Peninsula
(MENAFN - The Peninsula) At least 25 people died in a fire that gutted an Egyptian furniture factory north of Cairo yesterday, a Health Ministry official said.Twenty-two more workers suffered from ...

 Jul 29 2015 - Rights groups slam death for Gaddafi aidesThe Peninsula
(MENAFN - The Peninsula) Rights groups criticised the death sentences given to a son and eight aides of slain dictator Muammar Gaddafi yesterday for crimes during the 2011 uprising. Actvists said the ...

 Jul 29 2015 - Qatar- Giordano offers youngsters smart casual apparel to go back to schoolThe Peninsula
(MENAFN - The Peninsula) Giordano is welcoming the school season with smart casual apparel for students. Available from the beginning of August at all Giordano stores in the GCC, the collection ...

 Jul 29 2015 - QA plans freighter service to DjiboutiThe Peninsula
(MENAFN - The Peninsula) Qatar Airways (QA) Cargo will launch a new freighter service to Djibouti on 1 August, becoming the carrier's seventh African freighter destination.The weekly A330F service ...

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