KUWAIT CITY, July 8: The real estate market in the country demonstrated a seven percent growth in the first half of this year compared to the second half of last year. from January to June 2024, the total value of real estate contracts registered with the Ministry of Justice amounted to approximately 1.619 billion dinars, marking an increase of 112 million dinars from the 1.507 billion dinars registered in the second half of 2023. Despite the overall growth in total contract value, there was a notable decline in various types of real estate transactions, except for exhibitions and warehouses.

The first half of the year saw the registration of 4 exhibition contracts totaling 10.8 million dinars, and warehouse contracts increased by 55.5 percent in number, with 9 contracts compared to 4 in the previous period. The total value of warehouse contracts amounted to 16.811 million dinars, up from 8.544 million dinars in the preceding period. Private property contracts totaled 1496, with a value of 689.9 million dinars, marking a decrease of 54 contracts compared to the second half of last year.

Investment contracts also declined by 8 percent, totaling 509 contracts valued at 451 million dinars, down from 554 contracts previously. Commercial contracts numbered 69 with a total value of 406 million dinars, reflecting an 11.5 percent decrease from the 78 contracts registered in the second half of last year. Craft contracts decreased by 41 percent, with only 9 contracts registered totaling 9.125 million dinars, compared to 22 contracts previously. Coastal strip contracts notably decreased by a ratio of 1 to 4, with only one contract worth 32 million dinars registered in the first half of this year, down from 4 contracts in the second half of last year.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff