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
 Dec 19 2014 - Int'l community responsible for protecting Palestinians: KuwaitArab Times
(MENAFN - Arab Times) GENEVA Dec 18 (KUNA): Kuwait's permanent delegate to the UN agencies in Geneva Ambassador Jamal Al-Ghunaim said Wednesday the international community needs to shoulder its legal ...

 Dec 19 2014 - Kuwait- Early diagnosis key to defeat breast cancerArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 18 (KUNA): Sheikha Hessa Saad Al- Abdullah Al-Sabah on Wednesday highlighted the importance of early detection in curbing the growth of various forms of cancer. ...

 Dec 19 2014 - Saudi- Host Maskan beats Nesma Inaya edges out Gilas 90-88Arab News
(MENAFN - Arab News) Host team Maskan Arabia Co. brought down Nesma 105-92 while Inaya Medical College edged out S. Gilas 90-88 in the seventh week action in the 2nd Maskan Arabia Invitational ...

 Dec 19 2014 - Saudi- Faisaliah Team A and Courtyard Marriott triumph in Inter-Hotels Cricket eventArab News
(MENAFN - Arab News) Al Faisaliah Team A won its match against Riyadh Marriott while Al Faisaliah-Al Khozama combined Team B went down in defeat to Courtyard Marriott during Friday's matches in the ...

 Dec 19 2014 - Mathy powers to victory in Riyadh Wheelers 60km road raceArab News
(MENAFN - Arab News) A new course used for the first time brought general approval from the 60 riders who signed on for the Riyadh Wheelers 60km road race and with no wind to bother the competitors ...

 Dec 19 2014 - SCTC ABTC-Taif ladies clash in finals Saudia Catering JRTC in ALBAIK Tennis semifinalsArab News
(MENAFN - Arab News) SCTC and ABTC-Taif will dispute the Ladies Division HMX category finals after a grueling double round-robin while in the Men's Division LMX category four teams advanced to the ...

 Dec 19 2014 - Saudi- Hyundai Castrol takes third in 4th MYN 2014 JBL-Lifestylez tourneyArab News
(MENAFN - Arab News) Hyundai Castrol of Dennis Elmenzo beat Fuddruckers 72-53 to claim the third place in the 4th MYN Division at the Ahmed Mohammed Abdul Wahab Naghi Sports Complex in Ash Shati ...

 Dec 19 2014 - Saudi- Natco Desert Warriors win in JCA Money Gram CKB-T20Arab News
(MENAFN - Arab News) The Money Gram-sponsored Cricket Ke Badshah T20 Tournament for the year 2015 under the auspices of Saudi Cricket Center (SCC) took off to a rousing start with 28 teams entered in ...

 Dec 19 2014 - UN seeks 8.4bn to help Syrian victimsArab News
(MENAFN - Arab News) BERLIN: The UN appealed Thursday for $8.4 billion to provide emergency aid and longer-term help to nearly 18 million people in Syria and across the region hit by the drawn-out ...

 Dec 19 2014 - Saudi- Nigeria sentences 54 soldiers to deathArab News
(MENAFN - Arab News) ABUJA Nigeria: Nigeria has sentenced 54 soldiers to death for mutiny assault cowardice and refusing to fight extremists.The court-martial charges all were connected to the ...

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