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Kuwait real estate deals drop by 25.3%

KUWAIT CITY: Real estate transactions in the second week of November witnessed a 25.3 percent decrease in the number of deals and a 30 percent drop in deal values compared to the previous week. According to the Real Estate Registration and Documentation Department at the Ministry of Justice, there were approximately 112 real estate deals worth KD 58 million in the second week, compared to 150 deals valued at KD 83.146 million in the first week. A member of the Real Estate Brokers Union responsible for preparing the union’s periodic statistics Suleiman Ahmed, explained that the total number of real estate deals in the first half of November reached 262, with a combined value of KD 141.246 million.

Private real estate accounted for 74.8 percent of the deals, with 196 transactions valued at KD 83.189 million, or 58.9 percent of the total value. Investment real estate represented 24 percent of the total number of deals in the first half of November, with 63 transactions amounting to 39.1 percent of the total value, at approximately KD 55.246 million. In contrast to the decrease in trading for both private and investment real estate during the second week of the month compared to the first, there was a 28.8 percent decline in the number of private real estate deals and a 9.6 percent decrease in their value. Similarly, investment real estate saw a 42.5 percent drop in the number of deals and a 40 percent decrease in the value of transactions. There was a notable 100 percent increase in trading within the coastal strip system and the craft sector. Specifically, two deals were recorded in the coastal strip with a total value of KD 1.5 million, and one deal in the craft sector valued at KD 1.3 million.

This contrasts with no deals being recorded in these sectors during the first week of November. In terms of geographical distribution, Ahmadi Governorate witnessed the largest share of transactions, with 33 real estate deals totaling KD 7.438 million. This included 22 private sector transactions worth KD 6 million and 11 investment sector transactions valued at KD 1.351 million. Following Ahmadi, Hawally Governorate recorded 29 transactions worth KD 22.646 million. This included 22 private sector deals amounting to KD 13.917 million and 7 investment sector deals valued at KD 8.729 million. Farwaniya Governorate came third in the number of deals, with 16 transactions totaling KD 10.176 million. This included 11 private property deals worth KD 3.422 million, one craftsman deal worth KD 1.3 million, and four investment deals worth KD 5.454 million. Mubarak Al-Kabeer Governorate came in fourth place with 14 deals valued at KD 7.732 million, which included two deals on the coastal strip, 11 private deals worth KD 5.977 million, and one investment deal worth KD 255.79 thousand. In fifth place was Jahra Governorate, with 12 private sector deals totaling KD 4.199 million, while the Capital Governorate came last, with eight private deals worth KD 5.895 million.