Surge in interior region real estate transactions

This news has been read 1013 times!

KUWAIT CITY, May 21: During the first four months of 2024, the interior regions witnessed a significant surge in residential real estate transactions, with a remarkable growth of 52.2% in transaction value and a 24.1% increase in the number of properties sold compared to the same period in 2023, reports Al-Qabas daily. The total value of real estate transactions in the interior regions amounted to approximately 108.2 million dinars, a substantial increase from 71.1 million dinars recorded during the same period in 2023. Moreover, the number of properties sold during this period rose to 108, compared to 87 properties in the first four months of 2023.

The implementation of the law combating the monopoly of vacant lands, ratified during the National Assembly’s supplementary session on November 29, 2023, significantly impacted real estate transactions. For instance, in January alone, 36 properties were sold in the interior regions, totaling 37.3 million dinars, accounting for 34.5% of the total real estate trades in the interior regions during the first four months of 2024. Abdullah Al-Salem suburb emerged as the top-performing area in terms of trading value, experiencing a remarkable growth rate of 78.1%.

Similarly, Khaldiya and Al-Qadisiya regions also witnessed substantial increases in trading value, reflecting the positive impact of anti-monopoly legislation on real estate transactions. Real estate experts emphasize the preference for interior areas due to personal preferences and increased demand, leading to higher prices even surpassing market rates.

The implementation of anti-monopoly laws redirected investment from residential to other sectors, thereby increasing supply and reducing demand in the residential sector. However, despite the surge in residential transactions in interior regions, areas like Yarmouk, Al-Rawda, Al-Mansouriya, Al- Shamiya, and Cordoba experienced declines in transaction value, highlighting varying market trends across different regions.

Meanwhile, Daiya and Al-Qadisiya regions witnessed significant increases in trading activity, indicating shifting market dynamics. In conclusion, while the interior regions continue to attract investment and witness growth in residential real estate transactions, external factors such as regulatory measures and economic policies play a crucial role in shaping market trends and investor behavior.

This news has been read 1013 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights