KUWAIT, Sept 19 (KUNA) -- The real estate sector in Kuwait appears to have improved in the second quarter of the year going up by 3.1 percent with the private housing sector in specific jumping to 2.4 percent. According to the Justice Ministry's documentation and registration data, the value of real estate trades in the second quarter reached around KD 857 million (around USD 2.8 billion).

Speaking to KUNA, a number of experts said that the real estate housing played a significant role in boosting numbers in the second quarter, as was the investment real estate sector, which saw a significant action during the summer vacation season.

As per their statements, the private housing sector's 2.4 percent increase reflected the KD 321.9 million (around USD one million) pumped into this sector.

The average number of real estate deals was around KD 540,000 (around USD 1.7 million), which is an increase by 243 percent from the first quarter of 2018.

Head of Al-Delijan real estate office Suleiman Al-Delijan said the average trading at the local real estate sector in the first quarter was at KD 1.6 billion (USD 5.2 billion) as oppose to 2017's KD 2.6 billion (USD 8.5 billion) during the same period.

He predicted that the level of dealings within this sector as a whole would slightly improve if the local market maintained or increase the numbers coming out of the second quarter.

Al-Delijan said that operations at hotels and apartments hotels went up by 65 and 50 percent respectively in the past few months thanks to an increasing number of GCC tourists.

The dealings in the investment real estate sector took the lion share in the local market compromising around 42 percent of the trades in the first quarter, he said. The housing sector came second with 37 percent followed by the commercial sector by 15 percent.

Meanwhile, Director General of Athra Real Estate Company Maitham Al-Shakhs the real estate sector was positively affected by the finalizing of various infrastructural developments especially by Al-Mutla city, Sabah Al-Ahmad, and south Sabah Al-Ahmad housing projects.

He commended the positive developments and hope for more progress in the upcoming period.

On his part, secretary of Real Estate Union Kuwait Qais Al-Ghanim though numbers are promising, judging the state of real estate in Kuwait could be solely based on improving trade numbers and values.

Some investors benefited from what he describe as "weak but moderate dealings rate" noting that the most action real estate-wise was seen in the capital governorate's commercial real estate. (end) mka.gta

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