KUWAIT: According to several recently published reports, the outlook for Kuwait's real estate sector is looking up. After hitting a low in 2009, the real estate market has begun to show signs of recovery and following a moderate expansion in 2010, it appears poised for more robust growth this year. On April 22, Kuwait Finance House (KFH), the country's largest Sharia-compliant financial institution, issued a report detailing the first-quarter performance of the domestic real estate sector. The report estimated that the total value of real estate transactions - including residential, investment and commercial segments - grew by 5.3 percent over the previous quarter. This continues a trend that was set in 2010. According to an April 2011 report, published by National Bank of Kuwait (NBK), real estate sales "have been trending higher since the middle of 2009 when the Kuwait and the world economies started recovering from the financial crisis." Indeed, NBK found that average monthly real estate sales grew from KD 108.7 million in 2009 to KD 166.1 million in 2010, an increase of nearly 53 percent. In annual terms, this amounts to a total market of nearly KD2 billion in 2010.
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Monday, 4 July 2011
Kuwait Info Alerts | News
Kuwait Info Alerts | News
Kuwait real estate sector poised for robust growth
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