KUWAIT, Kuwait International Bank (KIB) has announced real estate transactions in first half 2019 amounted to 1.88 billion Kuwaiti dinars (KD) (around USD 5.9 billion), an 11-percent increase year-on-year.
In its report on the Kuwaiti real estate market, the bank said number of transactions registered for first half rose by 19 percent to reach 3,539 compared to 2,973 transactions recorded during the first half of 2018.
The improvement in the market performance was mainly supported by the residential and commercial sectors. Sales in residential sector for the first half of 2019 rose by 24 percent year-on-year to reach KD 790 million (USD 2.6 billion).
The report pointed out that the number of transactions in the residential sector rose by 21 percent year-on-year to reach 2,421, and the sales in the commercial sector jumped 25 percent to KD 300 million (USD 990 million).
The sales of the investment sector however fell by 18 percent in the first half of 2019 due to the relatively weak performance recorded in the first quarter of this year.
KIB said sales in the investment sector during the second quarter of 2019 recorded the highest value since the fourth quarter of 2014, when real estate sales reached record levels.
Source: Kuwait News Agency