Kuwaiti banks slash April real estate loans by 26.3%
Year-on-Year real estate fi nancing jumps 46.7% in April
This news has been read 1086 times!
KUWAIT CITY, June 22: In April, local banks in Kuwait decreased their financing to the real estate sector by 159.8 million dinars, marking a 26.3% monthly decline to reach 446.6 million dinars, down from approximately 606.4 million dinars in March. According to the Central Bank of Kuwait’s monthly statistics for April, however, bank financing for real estate saw a year-on-year increase of 142.2 million dinars, or 46.7%, compared to April 2023, totaling 304.4 million dinars.
Over the first four months of 2024, total bank financing for the real estate sector amounted to about 2.077 billion dinars. Despite a slight monthly decrease of 0.2%, or 23 million dinars, the cumulative balance of real estate financing provided by local banks stood at 9.898 billion dinars by the end of April. This reflects an annual increase of 308 million dinars, or 3.2%, up from 9.590 billion dinars in April 2023. In terms of real estate activity, the total value of contracts registered with the Kuwaiti Ministry of Justice in May 2024 amounted to approximately 412.99 million dinars, illustrating ongoing transactions within the sector amidst fluctuating financing trends.
By Mahmoud Shendi
Al-Seyassah/Arab Times
This news has been read 1086 times!
