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 2 2015 - OIC condemns terrorist attacks in SinaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Organisation of Islamic Cooperation, OIC, has condemned the terrorist attacks on military checkpoints in Northern Sinai, Egypt, on Wednesday, which resulted ...

 Jul 2 2015 - Ajman Ruler, Crown Prince receive more Ramadan greetingsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, last night received Sultan bin Saeed Al Mansouri, Minister of Economy, and ...

 Jul 2 2015 - UAE- Department of Tourism and Commerce Marketing hosts English-Language lecture on SundayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The ongoing lecture series hosted as part of the activities of the 14th Dubai Ramadan Forum, organised by the Department of Tourism and Commerce Marketing, DTCM, ...

 Jul 2 2015 - UAE Embassy in Senegal distributes 800 food packagesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Senegal has overseen the process of distributing 800 food packages to needy families in Gambia, provided by the Khalifa bin Zayed Al Nahyan ...

 Jul 2 2015 - Dubai launches "Health of the Fasting" campaign as part of Ramadan ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As part of the activities of the 14th Dubai Ramadan Forum, Dubai yesterday launched the 'Health of the Fasting' awareness programme, providing free medical ...

 Jul 2 2015 - President, VP, Mohamed bin Zayed send greetings to Governor-General of CanadaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to David Johnston, Governor-General of Canada, on the occasion of his ...

 Jul 2 2015 - UAE Embassy oversees implementation of Iftar Project in Thailand and CambodiaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Thailand has overseen the implementation of the Iftar project in Thailand and Cambodia. The Iftar project is implemented by the Khalifa bin ...

 Jul 2 2015 - UAE- NEC begins media accreditation process for coverage of FNC 2015 ElectionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The National Election Committee has opened the accreditation process for media representatives who will be covering the Federal National Council, FNC, Elections ...

 Jul 2 2015 - DEWA introduces Al Namoos service for consultants and contractors to connect up to 150KW within 10 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Electricity and Water Authority, DEWA, has launched its Al Namoos, an Emirati word that describes a race winner, service. This latest initiative, ...

 Jul 2 2015 - Dubai Silicon Oasis and SAP Training and Development Institute join hands to support tech start-upsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, yesterday signed a sponsorship ...

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