By Shane McGinley
New report shows that monthly figures hit over $1bn after two months of low sales
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.