Real estate sales activity picked up in January, totaling KD 318.1 million in value, a 64% increase year-on-year (y/y). The level was the third best level on record. All three sectors of real estate saw big increases, with the residential sector taking up 54% of total sales. The uptick in sales should persist for the year albeit perhaps with less impetus.
Residential sector sales were KD 170.3 million for January, a 40% y/y climb. A major contributor to this increase was the high number of transactions concluded, totaling 806 transactions —a 4-year peak for the sector. The majority of these transactions (71%) were for plots of land, as opposed to finished homes. Residential sales should continue to do well in the near future, as it appears backed with solid demand.
A new law enabling all retirees to buy real-estate home in Kuwait for once is unlikely to be attached to residence, it is stated.
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