KUWAIT CITY, Dec 26: In the initial two weeks of December 2023, real estate transactions and agencies registered with the Ministry of Justice in Kuwait reached a total value of approximately 98.545 million dinars through 191 transactions. This reflects a notable increase of 20.25 percent compared to the corresponding period in the previous month, which saw transactions amounting to about 81.946 million dinars through 170 deals.

Breaking down the sectors, the private sector exhibited a 7.22 percent growth, reaching around 55.807 million dinars during the first half of December. Additionally, there was a substantial surge of 51.5 percent in the value of investment trades, escalating from 21.628 million dinars to 32.776 million dinars. Furthermore, commercial sector trades witnessed an increase of about 40.7 percent, rising from 6 million dinars to 8.442 million dinars.

Statistics from the Department of Real Estate Registration and Authentication in the Ministry of Justice indicated that 191 transactions were distributed among the six governorates, amounting to 97.025 million dinars. Two agencies were valued at 1.52 million dinars during this period. The breakdown includes 139 contracts for private real estate valued at 55.807 million dinars, 44 investment properties totaling 32.776 million dinars, 6 commercial properties amounting to 8.442 million dinars, and a coastal strip property worth 2.2 million dinars. Notably, there was no craft, exhibition, warehouse, or industrial real estate activity. Additionally, one agency was registered in private real estate valued at 450 thousand dinars, and another in investment real estate worth 1.07 million dinars.

Comparing this data to December 2022, where trading amounted to 96.366 million dinars, there was an increase of about 2.26 percent in the initial two weeks of December 2023, with the simultaneous growth of approximately 6.7 percent in the number of transactions.

As 2023 draws to a close, Kuwait Finance House (KFH) reports that private housing transactions in the third quarter totaled 357.4 million dinars, marking a 2 percent decrease from the previous quarter. Demand, however, rose to 751 transactions, a limited increase of 1 percent. Investment real estate trades increased to 214.4 million dinars, reflecting a quarterly growth of 7 percent, while demand decreased to 257 deals by 8 percent. Commercial real estate trades increased to approximately 116.5 million dinars, representing a quarterly growth of 2 percent, with demand rising to 52 deals, more than double the 20 deals recorded in the second quarter.