|10 February, 2019

Kuwait's real estate sales mark 4-yr high in Q4 - NBK

Main factor behind the growth was investment apartment sector, along with an increase in property prices

View of boats in Souq Sharq Marina in with Kuwait City skyscrapers in the background - November 4, 2016.

View of boats in Souq Sharq Marina in with Kuwait City skyscrapers in the background - November 4, 2016.

Getty Images/Emad Aljumah

Mubasher: The Kuwaiti real estate sector saw a higher amount of sales during the fourth quarter of 2018, recording their highest levels in four years.

Real estate sales increased by 23% quarter-on-quarter (91% year-on-year) to KWD 1 billion ($3.29 billion) in Q4-2018, according to a report released by the National Bank of Kuwait (NBK) on Saturday.

The main factor behind that growth was the investment apartment sector, along with an increase in property prices.

“Meanwhile, the commercial sector has benefitted from higher demand helped by business-friendly reforms by the Ministry of Commerce and Industry, giving rise to better sentiment and renewed demand in this sector,” the report said.

NBK’s real estate price indices – which covers land, homes, apartments, and multi-unit buildings – jumped in 2018 on the back of the growth in oil prices, employment, and the number of expatriates.

“Possibly higher government [capital expenditure] capex and project awards in 2019 may stimulate non-oil growth and boost employment, which could, in turn, boost demand in the rental market,” NBK revealed.

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.