KUWAIT CITY, Oct 1: The Ministry of Justice in Kuwait held several real estate auctions during the first nine months of 2024, with the residential sector dominating sales. The total value of properties sold during these auctions amounted to approximately 111.54 million dinars, marking an 8.93 percent increase from the initial value of 102.3 million dinars, equivalent to an additional 9.15 million dinars. In 2023, real estate auction sales reached 168.6 million dinars, up by 18.1 million dinars from the initial estimate of 150.5 million, a growth of 12 percent. However, this figure was slightly lower compared to 2022, when auction sales amounted to 171.1 million dinars.

The fourth quarter of 2024 is expected to see a further rise in real estate transaction values, as more properties are lined up for auction, attracting both citizens and investors. In September alone, the value of traded properties stood at 19.1 million dinars, a 2.1 percent increase from the initial value of 18.7 million dinars. Residential properties sold in this period reached 3.5 million dinars, a 12.6 percent increase over the starting value of 3.1 million dinars.

Notably, coastal plots in the Al-Bidaa area were sold at their initial value of 15.5 million dinars. Real estate experts confirm that the Ministry of Justice auctions have become a preferred choice for many looking for residential or investment properties, particularly given the ongoing housing crisis. The demand for properties, especially in the residential sector, is expected to continue rising.