Kuwait residential property market faces limited trades

Kuwait residential property market faces limited trades

KUWAIT CITY, Jan 22 : Trades in the sector of residential properties are expected to remain limited in 2024 maintaining the bearish trend of 2023 that recorded a 30 percent fall compared to the previous year’s transactions. Experts, interviewed by KUNA, revealed that statistics of the real estate and documentation division at the Ministry of …

<p>The post Kuwait residential property market faces limited trades first appeared on ARAB TIMES - KUWAIT NEWS.</p>KUWAIT CITY, Jan 22 : Trades in the sector of residential properties are expected to remain limited in 2024 maintaining the bearish trend of 2023 that recorded a 30 percent fall compared to the previous year’s transactions. Experts, interviewed by KUNA, revealed that statistics of the real estate and documentation division at the Ministry of Justice showed that there were 3,039 housing deals in 2023, in contrast to 4,362 transactions in 2022. Total value of the dealings dropped from KD 1.927 billion to (USD 5.9 billion) in 2022 to KD 1.287 billion (USD 3.9 billion) in 2023, down by 33 percent. Number of deals in the investment segment (apartment buildings) dropped by 16 percent last year compared to 2022; from 1,369 to 1,140 contracts, thus the recorded value fell