KUWAIT CITY, Oct 9: A recent real estate study revealed that the private housing sector witnessed a decline in the number of deals by about 21.8% in the third quarter of 2023, with 483 deals, compared to 618 deals in the same period in 2022, while its value reached 251.45 million dinars in the third quarter of 2023, compared to 322.98 million in the third quarter of 2022, i.e. a decline of 22.1% on an annual basis with (Sabah Al-Ahmad Marine City and the coastal strip excluded), reports Al-Qabas daily.

According to Al-Hesbah Real Estate Company’s study, which was specially conducted by Al-Qabas, investment housing transactions (buildings and lands) declined significantly by about 44%, as only 61 deals were recorded in the third quarter of 2023, compared to 109 deals in the same period of 2022.

Their value reached 131.58 million dinars in the third quarter of 2023 compared to 212.5 million in the third quarter of 2022, a decrease of 38% (units, apartments sold, and shops within the investment property were excluded).

With regard to commercial real estate, which also includes “craftsmen - recreational activities - stores - car showrooms”, it recorded a slight decline in the number of transactions by about 0.4%, as it recorded 24 transactions in the third quarter of 2023 compared to 25 transactions in the same period in 2022, and amounted to 24 transactions in the third quarter of 2023.

Its value was 78.7 million dinars in the third quarter of 2023, compared to about 89 million in the third quarter of 2022, a decrease of 11.5%.

It is noteworthy that all the real estate deals mentioned were 100% sold, and the source of the data and numbers is the Ministry of Justice.