‘MoJ’ real estate auctions see a surge in sales … led by the residential sector

Total sales reach approximately KD 41.6 million

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KUWAIT CITY, April 4: The Ministry of Justice has conducted several real estate auctions in the first quarter of this year, witnessing significant sales across various sectors, with the residential sector leading the pack, reports Al-Jarida daily. Total sales at the ministry auctions during this period reached approximately 41.6 million dinars, marking a notable 12.7 percent increase from the initial value of 36.9 million dinars — an impressive gain of 4.7 million dinars. Comparing these figures to the corresponding period in 2023 reveals a remarkable surge of about 53.1 percent, with sales amounting to approximately 27.1 million dinars. The demand for “Justice” auctions remains robust among citizens and investors, especially given the offering of numerous distinguished properties.

The month of January emerged as the month with the highest real estate sales, totaling about 27 million dinars, followed by February with sales valued at 9.2 million dinars. March recorded the lowest sales at 5.3 million dinars, albeit with a substantial increase of 35.3 percent compared to the initial price for the same month. Among the notable sales in March were three plots of land in the Mahboula area, each measuring 875 square meters, fetching prices ranging from 1,005 to 1,055 million dinars.

Additionally, a property in the Al-Rehab area, spanning 400 square meters, was sold for 288 thousand dinars, marking a 14.2 percent increase from the initial price of 252 thousand dinars. An investment building with an area of 793 square meters, strategically located in Salmiya, was sold for 1.46 million dinars – an increase of 20.1 percent from the initial price of 1.21 million dinars. To participate in these auctions, the Ministry of Justice mandates that a certified check or a bank letter covering at least one-fifth of the property’s price must be submitted to the Ministry’s Enforcement Department. Successful bidders approved by the judge are required to pay the full approved price, along with associated expenses and registration fees, during the sale session.

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