(MENAFN- Arab Times) The total number of sales in Kuwait Real Estate market during the month of July amounted to KD 263,4 million, a decline of 24. 1 percent, whereby the decline of sales during the same period of last year stood at 9.5 percent, an economic report announced Monday. The report, by Kuwait International Bank said that this decrease in sales was attributed to the Holy month of Ramadan and Eid Al-Fitr Holiday.
Meanwhile, the total count of deals during July slumped by 31.4 on a month-to-month basis and decreased by 27.6 on an annual basis. The count of deals and average deal value reached 10.6 percent monthly and 25 percent annually. The Residential Sector's sales for July witnessed a shortfall by 28.2 percent and amounted to KD 102,2 million. The count of real estate deals registered in residential sector slipped by 36.5 percent, recording only 270 deals. The average deal value in the residential sector reached KD 379 thousand increasing by 13.1 percent on a monthly basis.
On the other hand, the investment sector performance declined by 28.5 percent on month-to-month (m/m) as total sales reached KD 121 million. The number of deals in the sector reached 129 deals. The average deal value slumped also by 6.9 percent (m/m) and 22 percent (y/y) reaching only KD 939 thousand. The commercial sector sales improved realizing KD 31,2 million, with an increase of 19.5 percent (m/m).
The deals counts in the commercial sector were at nine deals, increasing by 50 percent (m/m). As for the other sectors, the crafts sector concluded only five deals for KD 3,94 million. The warehouse and showrooms sectors had one deal each for a total of KD four million. Geographically, Hawally Governorate came first in total sales with a share exceeding 38.4 percent, i.e. KD 80.6 million. Al-Ahmadi Governorate came the second with 21.6 percent.
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