KUWAIT CITY, Feb 16: The local real estate market witnessed a significant quantitative and qualitative leap during the second week of February, with the number of transactions rising by 24 percent year-on-year. The total value of transactions surged by 125 percent. The number of transactions reached 154, valued at KD 180.46 million, compared to 124 transactions worth KD 80.22 million during the same period last year. The weekly statistical report from the Real Estate Registration and Documentation Departments at the Ministry of Justice, covering the period from February 8 to 12, revealed an annual increase of 30 transactions.

Liquidity increased by approximately KD 100.24 million, driven by significant activity in the residential, investment, commercial, and warehouse sectors, while the industrial sector saw a decline. Residential real estate accounted for the largest share of transactions, with 92 deals totaling KD 57.67 million. This represents a 12.19 percent increase in the number of transactions and a 74 percent increase in value compared to 82 deals worth KD 33.16 million during the same period last year. The growth reflects continued demand for private housing amid regulatory developments in the sector. Investment real estate ranked second in transaction volume, with 42 deals totaling KD 34.82 million. Investment real estate saw a 23.5 percent increase in the number of transactions, with eight additional deals, and a 36.7 percent increase in value, totaling an additional KD 9.34 million compared to 34 deals worth KD 25.47 million during the same period last year.

Commercial real estate ranked third in the number of transactions, with 14 deals, but ranked first in terms of value, recording KD 75.34 million. This represents a 366 percent increase in the number of transactions, with 11 additional deals, and a 395 percent increase in value, which is an increase of KD 60.13 million, compared to three transactions worth KD 15.21 million during the same week last year. The warehouse sector recorded four transactions worth KD 11 million during the week under review, after having no transactions during the same period last year. The industrial sector declined to two transactions worth KD 1.63 million, compared to five transactions worth KD 6.38 million, a decrease of 60 percent in number and 74.4 percent in value, indicating a drop in demand for this type of property.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff K