Country’s real estate sales stood at $2.59bn for Q1 2019, registering a Q-on-Q decline
Kuwait’s property market witnessed solid growth in in April 2019, with the value of real estate transactions for the month increasing to $1.26 billion, up 33% over the previous year, off the back of the sales of commercial, residential and investment properties, a report released by Kuwait Financial House (KFH) has found.
In its report, KFH stated that the transactions in the residential, investment and commercial segments increased in value by 16%, 67% and 34%, respectively, in April of this year, as compared to figures in April 2018.
The country’s real estate sales stood at $2.59 billion in the first quarter of the fiscal year 2019, recording a quarter-on-quarter decline, the report added. KFH also pointed out that the number of transactions jumped by 31% month-on-month in April, the highest level since 2014, recording 819.
The value of real estate transactions rose 15% in the first month of the second quarter, increasing from the $1.10 billion recorded a year earlier, it added.
Earlier this year, Kuwait’s government issued a decree that calls for the establishment of an electronic real estate broker’s book which is aimed at reducing – and eventually eliminate – manipulation in the market.
The decree calls for the ministries of commerce and industry, justice as well as Kuwait Municipality along with the Public Authority for Civil Information to be linked electronically. The move will enable the institutions to provide a reliable and comprehensive database of any property that is being traded with regard to dispute and ownership status.