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Residential sector leads the market both in terms of value and number of properties
August 15, 2024 | Staff Reporter | Kuwait | Brokerage
According to statistics issued by the Real Estate Brokers Union in July, Kuwait witnessed an increase in the value of real estate transactions by 22% and the number of properties by 46% in July compared to June.
The number of properties in July was 472 compared to 323 properties in June. The statistics showed that the residential sector led in both the value and number of real estate transactions, comprising 39% of the total trading value and 71% of the total number of properties. The investment sector ranked second with 30% in trading value and 24% in property numbers.
The commercial sector secured third place with 17% in trading value and 2.5% in property numbers. Other transactions accounted for 14% of the trading value and 2.5% of the number of transactions. The statistics also showed an increase in the value of real estate transactions in the residential sector by 42% and an increase in the number of transactions by 55% in July compared to June. The value of transactions reached KD 151.5 million with 337 properties compared to KD 107 million with 218 properties last month. Sabah Al-Ahmad Marine City came first with about 17%, followed by Al-Masayel with about 9% of the total value of transactions in the residential sector. Sabah Al-Ahmad Marine City accounts for approximately 38% of the land transactions in the residential sector.
There was a notable increase of about 3% in the value of real estate transactions in the investment sector and a 35% rise in the number of transactions from June to July. Transactions totalled KD 115.5 million across 113 properties, compared to KD 112 million involving 84 properties the previous month. In terms of distribution, Salmiya led with approximately 25% of the total transaction value in the investment sector, followed by Hawally with 22%.
Meanwhile, Mahboula accounted for approximately 30% of the total number of apartment transactions in this sector. In the commercial sector, there was a notable decline of 30% in trading value and 42% in the number of transactions from June to July. This month, real estate trading amounted to KD 65.9 million across 11 properties, compared to KD 93.7 million involving 19 properties in June. Salmiya remained at the forefront with approximately 38% of the total trading value in the sector, followed by Kuwait City with around 19%. Sabah Al- Ahmad Sea City represented 67% of the total number of land transactions in the commercial sector
