Kuwait's Private Housing Deals Dropped 21.8%

There were 483 deals in the third quarter of 2023, compared to 618 deals in the same period in 2022, according to a recent real estate study. In the third quarter of 2023, its value rose to 251.45 million dinars from 322.98 million in the third quarter of 2022, a decline of 22.1% with respect to annual figures (excluding Sabah Al-Ahmad Marine City and coastal strip), reports Al-Qabas daily.

A study conducted by Al-Qabas for Al-Hesbah Real Estate Company revealed that investment housing transactions (buildings and lands) declined by 44% in the third quarter of 2023, as only 61 transactions were recorded, compared with 109 deals in the same period in 2022.

In the third quarter of 2023, their value reached 131.58 million dinars, down from 212.5 million in the third quarter of 2022, a decrease of 38% (excluding units and apartments sold).

In terms of commercial real estate, which also includes craftsmen, recreational activities, stores, and car showrooms, the number of transactions decreased by about 0.4%, with 24 transactions recorded in the third quarter of 2023 compared to 25 transactions in the same period in 2022, resulting in 24 transactions for the third quarter of 2023.

Its value decreased by 11.5% from 89 million dinars in the third quarter of 2022 to 78.7 million dinars in the third quarter of 2023.

All the real estate deals mentioned were 100% sold, and the Ministry of Justice provided the data and numbers.

 

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