Kuwait real estate sales slump by 29.3 per cent in 2015: Report
The total value of Kuwait’s real estate sales in 2015 plummeted by 29.3 per cent to a total of KWD3.43 billion, compared with KWD4.86bn in 2014, showed a news report.
The number of deals recorded in 2015 plunged by 28 per cent to 5,955 deals compared with 8,271 deals in 2014, reveals the report, which was prepared and released by the Kuwait International Bank (KIB) on Wednesday.
The average value of deals showed an unprecedented drop by two per cent to KWD577,000 per deal in 2015 from KWD588,000 per deal in 2014, according to the report published by the Kuwait News Agency (KUNA).
The report indicates that the investment sector bore the brunt of the decline in both total sales and value of deals, while the residential sector was mainly impacted by the fall in the total number of deals, the report indicated.
On the monthly basis, real estate sales in December edged down by eight per cent to roughly KWD301 million, while the number of deals in the same month totalled 507, four percent more than the count registered in November, the KIB report added.
(KWD1 = AED12.9, at the time of publishing)