Private housing sector in Kuwait saw remarkable decline in prices

Private housing sector in Kuwait saw remarkable decline in prices

Kuwait - The private housing sector in different regions of the country witnessed a remarkable decline in prices during the last period, after it reached record levels in previous years, and caused an unprecedented housing crisis, disregarding the financial capacity of a large segment of citizens, reports Al-Qabas daily.

Al-Hesbah Real Estate Company told the daily there are signs of a correction in private housing prices, after the average decline in residential areas in Kuwait currently reached 4% compared to the third quarter of 2022 (prices witnessed their peak levels during that period). According to Al-Hesbah, the decline in the prices of private housing real estate in each of the regions of Al- Faiha, Keifan and Al-Qadisiya reached 2%, while it ranged between 3 and 4% in South Surra, and between 4 and 5% in “B” East Qurain.

Prices

The sources indicated that the prices of residential real estate in Ishbiliya and Andalus fell between 5 and 6 percent, while in “Residential Khairan” and “Saad Al-Abdullah” they reached about 6 percent each. Al-Hesbah had recently published data indicating a decrease in local real estate activity in 2022 compared to 2021, as the number of deals decreased by 45% from 8115 deals in 2021