VALUE OF REAL ESTATE TRANSACTIONS IN KUWAIT FELL NOTICEABLY IN SEPTEMBER

  • 07/10/2022

Kuwait City: The value of transactions in the private housing real estate market fell noticeably in September 2022, falling by 21% to 131.3 million dinars, from a level of 166.1 million dinars in August of the previous year. In September 2022, there were 270 deals in the same industry, down from 354 deals in August of the previous year, a decline of 23.7%. In addition to the global economic situation, which had a significant impact on the real estate market and forced people to keep the "cash" or invest it, experts believe that the rise in interest rates in Kuwait has started to cast a shadow on the real estate market, which in turn seems to have reduced the pace of purchases. 


According to the most recent data from the Ministry of Justice's Real Estate Registration and Documentation Departments, there were approximately 252.73 million dinars worth of real estate transactions (contracts and agencies) between September 4, 2022, and September 28, 2022 (25 per day), which is 31.3% less than the amount of liquidity in August of last year. about 368 million dinars worth. While there were 385 total real estate deals in September 2022, they were split between 375 contracts and 10 agencies for a total of 252.73 million dinars, or approximately 249.73 million dinars in contracts and approximately 3 million dinars in agencies. 

According to ministry statistics, the value of investment real estate transactions amounted to about 67.47 million dinars through 89 real estate deals during last September (25 days), decreasing its value by about 50% from last August, when it amounted to 135.19 million dinars at the time.

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