KUWAIT CITY, June 4: Real estate transactions in May recorded a monthly growth in the value of various types of real estate by 24.3 percent or KD 94.384 million; reaching KD387.18 million with a total of 530 transactions, compared to KD292.797 million in April. Meanwhile, the value of real estate transactions decreased year-on-year by 6.24 percent or KD25.803 million, and the number of transactions increased by 19.8 percent or 105 transactions, compared to 425 transactions worth KD412.984 million in May 2024.
The newspaper obtained a copy of the monthly report on real estate transactions from the Documentation and Real Estate Registration Department in the Ministry of Justice. The report confirmed the registration of 530 real estate transactions in May -- 390 private transactions, 125 investment transactions, six commercial transactions, five craft transactions, two warehouse transactions, and one transaction each for shops and the coastal strip. Private real estate transactions witnessed a 2.6 percent growth in number and a 21 percent growth in value, with a total of 390 transactions worth KD158.677 million, compared to 380 transactions worth KD125.202 million in April. On an annual basis, private real estate transactions recorded a 24.3 percent growth in number and a 15 percent growth in value compared to May 2024, which had 295 transactions worth KD134.811 million. Investment real estate transactions recorded a monthly growth of 2.5 percent in number and 28.4 percent in value, with a total of 125 transactions worth KD185.847 million, compared to 122 transactions worth KD132.982 million in April.
The value of investment real estate transactions jumped 159 percent year-on-year (to KD114.119 million) and 17.6 percent in number (22 transactions); compared to May 2024 when the number of transactions totaled 103, valued at KD71.728 million. Commercial real estate witnessed a striking contrast between monthly and annual trading activities. While the value of real estate transactions increased by 166 percent every month and 33.3 percent in number, with a total of six transactions worth KD 22.062 million compared to four transactions worth KD8.290 million previously; the volume of transactions decreased by 70 percent year-on-year and 86.6 percent in value, with a total of 20 transactions worth KD164.526 million. Despite the 44.4 percent decrease in the number of commercial real estate transactions in May (four deals) compared to the number of transactions in April, the trading value of commercial transactions jumped by 11.7 percent (KD1.276 million).
The number of commercial transactions in May reached five, worth KD10.945 million; compared to nine deals worth KD9.669 million in April. The craft real estate also witnessed a significant year-on-year increase in the number and value of transactions, increasing by 60 percent and 191 percent respectively, compared to May 2024 which had three deals worth KD3.765 million.
By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff
