Tuesday , October 24 2017

Kuwaitis heavily invested in Dubai real estate sector in 2016: report – Kuwait’s local realty sales reach KD 2.55 bln last year

DUBAI, Jan 14, (KUNA): Some $544 million in Kuwaiti money was invested in Dubai’s real estate sector in 2016, said a report Saturday.

A report by Dubai Land Department revealed that there were about 770 Kuwaiti investors in 2016, coming in third place GCC-wise behind their counterparts from Saudi Arabia and Qatar, who ranked first and second respectively.

The report said that the total of GCC investments in Dubai’s real estate sector came at $9.5 billion.

The department noted that Indian investors, who amounted to 6,200, ranked first when it came to the total volume of money invested, with over $5.7 billion, while British investors; about 3,300, came in second with around $1.58 billion.

Investments from China, Canada, Iran, Russia, the US, and France amounted to $11.9 billion in 2016, said the report, which indicated that the collective number of investors from these countries was at 22,000 people.

Meanwhile, volume of annual sales in the domestic realty sector amounted to KD 2.55 billion in 2016 as compared to KD 3.4 billion in 2015, dropping by 26 percent, according to a report by Kuwait International Bank (KIB) publicized on Saturday.

Property sales in 2016 were largely limited as compared to 2015. Overall executed transactions by end of December 2016 reached 4,610 deals, compared to 5,955 in 2015, dropping by 23 percent. Each deal averaged in value KD 553,000, falling by four percent on annual basis.

Total sales (contracts and agencies) rose by 31 percent on monthly basis and one percent per annum.

The commercial sector led the indices of overall sales during December which witnessed two major deals, overall value of which neared third of the month’s sales. Moreover, the index of executed transactions rose by eight percent on monthly basis but dropped by 18 percent yearly.

The market sales were buoyed with bullish trends in the sectors — housing, investments and commercial — with the housing sector rising by 23 percent on monthly basis, that of the investments by 18 percent while the commercial one doubled.

 

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