Kuwait real estate contracts surged to 295.68 mln dinars in November

Diverse trading activity across Kuwait’s six governorates

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KUWAIT CITY, Dec 7: In November 2023, the total value of real estate contracts and agencies registered with the Kuwaiti Ministry of Justice reached approximately 295.68 million dinars. According to statistics from the Real Estate Registration and Documentation Department, this trading activity involved 384 contracts across the six governorates, totaling 290.2 million dinars. The breakdown of contract trading for the month includes approximately 265 private contracts valued at 114.75 million dinars, 102 investment contracts amounting to 69.42 million dinars, and 13 commercial contracts with a value of 97.21 million dinars.

Additionally, two contracts were registered in the coastal strip worth 5.71 million dinars, a craft contract valued at 1.15 million dinars, and another in warehouses amounting to 1.96 million dinars. On the agency front, nine agencies were implemented in private real estate, totaling 2.63 million dinars, and two in investment real estate with a value of 2.85 million dinars. For the week of November 26 to 30, 2023, the total value of contracts and real estate agencies registered with the Kuwaiti Ministry of Justice was approximately 137.65 million dinars. During this period, 103 contracts were traded across the six governorates, with a value of 134.34 million dinars.

The week saw the registration of 64 private real estate contracts worth 28.93 million dinars, 31 investment properties valued at 28.88 million dinars, and six commercial properties totaling 70.38 million dinars. A warehouse real estate deal was recorded for 1.96 million dinars, and another in the coastal strip worth 4.21 million dinars, while craft, exhibition, or industrial real estate did not witness any movement during the week. Four agency contracts were registered, two for private real estate with a combined value of 425.3 thousand dinars, and two for investment properties totaling 2.85 million dinars. In terms of real estate credit, during the third quarter of 2023, credit directed to the real estate and construction sectors slightly increased by 0.4% from the end of the second quarter, reaching over 11.8 billion dinars, constituting 25% of the overall credit balance granted.

Credit directed to individuals at the end of the third quarter reached about 18.7 billion dinars, increasing by less than 1% from the end of the second quarter of 2023 and 2.5% higher than the end of the third quarter of 2022. The balances of credit facilities directed to real estate activity, including credit granted to the real estate sector, construction activity, and installment facilities for private housing, approached 27.8 billion dinars, representing 58.8% of the credit facilities granted by the local banking sector. The overall annual increase rate slowed to 3% from the end of the third quarter of 2022.

By Mahmoud Shendi
Al-Seyassah/Arab Times Staff

This news has been read 813 times!

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