Kuwait real estate sales up 19% in March

New report shows that monthly figures hit over $1bn after two months of low sales
Kuwait real estate sales up 19% in March
(Photo for illustrative purposes only)
By Shane McGinley
Tue 30 Apr 2013 02:30 PM

Real estate sales in Kuwait saw a 19 percent year-on-year increase to over $1bn in March, with the investment sector accounting for the biggest increase, a new bank report has said.

Total sales in March rose to KD293m ($1.02bn), following low months of low sales, according to a report by the National Bank of Kuwait.

Sales of investment apartments and plots rose 31 percent year-on-year to KD122m. "Overall, we expect the investment sector to see a solid performance in 2013, as both robust demand and supply exist in the market,” the report concluded.

While residential sales totaled KD149m, this represented an increase of just one percent.

The report was optimistic on growth in the residential sector in the future due to a number of recent factors - the increase in the maximum level for housing loans, the setting up of a fund to help debtors affected by the financial downturn and a cut in interest rates.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.