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Kuwait’s property sales down by 29 pct in November

KUWAIT CITY, Dec 23, (KUNA): Kuwait’s local real estate sales dwindled away by 29 percent to KD 232 million in November, compared with 38 percent in the same month of 2015, on a monthly basis, showed a recent economic report.

Property trading in November was remarkably active, compared with the earlier month, eclipsing a two-year downward trend, said the report, released by Kuwait Finance House (KFH), also known as Baitak.

Average daily property sales went up in November compared with October, with the number of trading days having hit 22 against 21 days in October. Daily sales amounted to around KD 10.5 million in November, hitting the highest rate in the second half of 2016.

Average real estate transactions in value hiked by 44 percent in November on a monthly basis, the KFH’s report indicated.

Residential real estate sales nosedived by more than 14 percent, while investment property increased by over 15 percent in November and commercial property went up eight-fold, compared with October, compared with October, it added.

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