Real estate prices in Kuwait continue to ‘decline’ at a slow pace

Real estate prices in Kuwait continue to ‘decline’ at a slow pace

The private housing sector is still witnessing stagnation, as evident in the continuation of the decline in residential real estate prices in some areas during the first quarter of 2023, reports Al-Qabas daily. The global economic crisis, increasing interest rates and other factors played a major role in the decline of real estate prices, which reached unprecedented levels in previous years. As per the data of Al-Hesba Real Estate Company, private housing prices continued to decline at a slow pace in different parts of the country, starting from the fourth quarter of 2022 — four percent lower than the third quarter of 2022 when prices reached the peak. The decline continued in the first three months of this year, which recorded a decline of six percent.

The data indicated that the decline in the first quarter of 2023 ranged from one percent to 10 percent depending on the areas: One percent to five percent in Faiha, Kaifan and Qadisiyah; five percent to six percent in South Surra; six percent to seven percent in East Qurain, Ishbiliya and Andalus; and eight percent to 10 percent in Saad Al-Abdullah and Khairan residential areas.

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Also, during the first quarter of 2023, the private housing real