Mixed picture for Kuwait real estate market

MIXED PICTURE: Kuwait's real estate market sees the number of property transactions rise by number, but fall by value in Q2. (Getty Images)

Kuwait's real estate market saw a 6 percent increase in transactions in Q2, according to a report published Saturday by Kuwait International Bank (KIB).

However, the value of transactions fell 7.9 percent to KD430.7 million from Q1 - the average value per transaction coming in at KD363,500 (Q1:KD418,200).

In contrast, Q2 2008 saw 1,514 transactions reported, worth a total of KD749.1 million, with the average value per transaction amounting to KD494,800.

Year-on-year the total number of transactions slumped 42.5 percent.

Aside from investor uncertainty the report laid much of the blame for the weaker numbers at the door of Kuwait’s parliament, which failed, during the time in question, to pass the financial stability law aimed at resolving the country’s political and economic crisis.

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