Kuwait sees 88.3% drop in real estate contracts
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KUWAIT CITY, July 3: Real estate transactions experienced a significant decline in both the number of contracts and their total value, according to the latest weekly report from the Kuwaiti Ministry of Justice. From June 13 to 20, the number of traded contracts plummeted by 88.3% compared to the previous week, with only 14 contracts registered compared to 120 the week before, marking a decrease of 106 contracts.
The total value of these real estate contracts also saw a sharp drop, amounting to approximately 18.08 million dinars, an 85.7% decrease from the previous week’s total of 126.290 million dinars, reflecting a decline of 108.210 million dinars. In terms of contract types, private real estate dominated with 11 properties worth 4.950 million dinars.
was followed by two investment real estate contracts worth 1.530 million dinars and one commercial contract valued at 11.6 million dinars. There was no activity in craft, industrial, exhibition, warehouse, or coastal real estate sectors this week. Among the governorates, Al-Ahmadi led with six contracts valued at 7.915 million dinars. Hawalli Governorate followed with four contracts, including two for private real estate, one for investment real estate, and one commercial contract, totaling 3.980 million dinars. The Capital Governorate registered three private real estate contracts worth 1.735 million dinars, and Farwaniya Governorate had only one contract for private real estate valued at 450,000 dinars.
By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff
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