KUWAIT CITY, June 14: As the start of the summer vacation coincides with the anticipated seasonal decline in real estate transactions, the value of transactions in the first week of June decreased by 48.6 percent or about KD70.37 million; while the number of transactions also declined by 40.3 percent (96 transactions) – a decrease of 56 transactions compared to the previous week. The newspaper obtained a copy of the weekly report on real estate transactions by the Real Estate Registration and Documentation Departments at the Ministry of Justice covering the period from June 1-4. It showed the registration of 96 real estate transactions worth KD74.457 million, compared to 161 transactions worth KD144.827 million in the last week of May. Private real estate transactions recorded a 31.8 percent decrease in number (35 transactions) and a 29.8 percent decrease in value (KD12.357 million) compared to last week.
The number of private transactions in the current week reached 75 transactions worth KD29.174 million, compared to 110 transactions worth KD41.531 million last week. Investment real estate transactions witnessed a sharp decline in the quantity and value of transactions compared to other real estate categories. The decline reached 66 percent in the number of transactions (29 transactions) and 59.1 percent in trading value (KD52.86 million), with a total of 15 transactions worth KD36.52 million, compared to 44 transactions worth KD89.39 million the previous week. In contrast, the market value of commercial transactions witnessed a growth of 16.3 percent (KD530,000) as the trading value reached KD3.25 million per transaction, compared to KD2.72 million per transaction during the previous week. Meanwhile, craft real estate transactions witnessed a 30 percent decrease in liquidity (KD175,000) compared to last week’s transactions. Despite recording five craft transactions this week – an increase of one transaction compared to last week, the value of real estate transactions this week reached KD5.51 million, compared to KD5.68 million last week
By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff
