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Sunday , December 4 2022

September sees remarkable decrease in real estate market value of transactions

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Rise in interest rates reduces pace of purchase: experts

KUWAIT CITY, Oct 6: During September 2022, the private housing real estate market witnessed a remarkable decrease in the value of transactions, which amounted to 131.3 million dinars, which is 21% lower than the level of last August, when it amounted to 166.1 million dinars. The number of deals in the same sector decreased during September 2022 to 270 deals, compared to 354 deals last August, a decline of 23.7%, reports Al-Qabas daily. Experts believe that the rise in interest rates in Kuwait has begun to cast a shadow on the real estate market, which in turn seems to have reduced the pace of purchase, in addition to the global economic situation, which had a significant impact on the real estate market, which made people keep the “cash” or Investing it in other safer areas.

The latest statistic in the Real Estate Registration and Documentation Departments at the Ministry of Justice stated that the total value of real estate transactions (contracts and agencies) amounted to about 252.73 million dinars during the period between 4 and 28 September 2022 (25 per day), which is 31.3% lower than the liquidity level of last August. amounting to about 368 million dinars. Real estate transactions during September 2022 were distributed between about 249.73 million dinars in contracts, and about 3 million dinars in agencies, a total of 252.73 million dinars, while the total number of real estate deals amounted to 385 deals, distributed between 375 contracts and 10 agencies.

According to ministry statistics, the value of investment real estate transactions amounted to about 67.47 million dinars through 89 real estate deals during last September (25 days), decreasing its value by about 50% from last August, when it amounted to 135.19 million dinars at the time.

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