Official data showed a large purchasing demand for commercial real estate in Kuwait, as the sector’s trading in the first 5 months of 2024 witnessed a jump of about 76.57% to 312.25 million dinars on 50 properties compared to its level in the comparative period of 2023, when it reached 176.84 million dinars, and it also constitutes 73.5% of Total private real estate transactions during the entire 2023 amounted to 425.144 million.
The lion’s share of real estate trades was for the private real estate sector, as it acquired 1,277 properties for 583 million, constituting about 44.46% of the total trades, down by about 17 million from the comparative period of 2023.
Investment sector trades amounted to about 347.622 million dinars, carried out on 427 properties, constituting 26.5% of total trades, declining by about 13% from their level in the comparative period of last year when they reached 399.5 million, according to the Kuwaiti newspaper Al-Rai.
For the month of May alone, the total value of real estate contracts registered in the “Justice Office” amounted to about 412.99 million dinars, concluded on 425 properties, a growth of 133.3% compared to the previous month.
Trades were distributed among the six governorates, led by private real estate, with 295 properties worth 134.81 million, investment real estate with 103 properties with a total value of 71.73 million, followed by commercial real estate with 164.53 million over 20 properties.
The data showed that 3 properties in the craft sector were registered at a value of 3.77 million dinars, a property in the exhibition sector at a value of 1.85 million, in addition to a property in the warehouse sector at a value of 4.3 million, and a property in the coastal strip at a value of 32 million.