Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
His Highness Amir, Ban discuss political issues, regional developments      His Highness Crown Prince visits Al-Duwiesh at hospital      His Highness Premier visits Al-Duwiesh at hospital      Swaziland King congratulates His Highness Amir on UN honoring      OPEC's oil price at USD 82.37 pb      US designates terrorists from TPP, al-Qaeda      13 people killed, 34 others wounded in twin blasts in Baghdad      No hope for long-term stability in Gaza - Ban      Four airstrikes in Syria, three in Iraq target ISIL - CENTCOM      KSE closes Tuesday's session on red board
  Economics
Kuwait real estate sales climb 19pct in March - NBK report
27/04/2013   |   06:28 PM | Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
KUWAIT, April 27 (KUNA) -- Real estate sales in Kuwait worth a total KD 293 million leapt 19pct in March, 2013 since the same period last year, said a National Bank of Kuwait (NBK) report here on Saturday.
The increase comes after a drop witnessed at the beginning of the year, NBK's weekly economic brief on Kuwait said, expecting the market to remain stable until a slowdown marked by the advent of the summer period, particularly as the market's three main sectors are witnessing healthy demand.
Total sales in the housing sector, including 490 transactions, reached KD 149 million in March with an average of 1.0pct on a year-on-year basis as the average of each transaction grew by 7.0pct in comparison with 2012.
The latest developments in the financing sector could aid an increase in the purchase of residential real estate in the mid to near future, mentioned the report, noting that the rise of demand could be met with limited supply.
These developments have also led to a rise in loans provided by the Kuwait state public lender, the Credit and Savings Bank and parliamentary approval for the formation of a families' fund, in addition to the possible reduction of interest on housing loans from local banks.
Meanwhile, the investment sector in March witnessed sales worth a total KD 122 million with a year-on-year increase of 31pct. These sales mostly focused on high-rise buildings, residential apartments or land plots, with the intention of leasing the final product.
This sector is being viewed as a substitute for investment at the Kuwait Stock Exchange, added the report. In recent years, focus on real estate investment has increased in light of decreasing stock market returns.
The report went on to predict that the investment sector will achieve a positive performance in 2013 on the backdrop of heavy demand and abundant supply, however, it expected a drop in April in comparison with the same month the prior year, which witnessed exceptionally high sales.
On the commercial sector, the smallest of the three, the report noted that the sector witnessed sales worth a total KD 22 million through 12 transactions after good performances in the last two quarters.
Furthermore, the report said that loans provided by the Credit and Savings Bank in March were worth KD 34 million, distributed amongst 545 residential loans, with the bulk of these going to new construction projects - the average of which was KD 69,000 per loan. (end) asj.sd KUNA 271828 Apr 13NNNN
 Print
  Email
 Save
Share
Share
Honoring Kuwait 2014


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

kuna magazine


Most Read Most Emailed  
1.   Reports on Ebola cases in Kuwait baseless - Ministry
2.   Palestinians will take legal action against attackers of Al-Aqsa mosque - Abbas
3.   Kuwait crude oil price down to USD 80.01 pb
4.   8 ISIL fighters killed in ambush in Kobane
5.   Attack on police patrol, ignites fire in oil pipeline in Saudi Eastern region
6.   Kuwait involved in implementing UN Post-2015 Development Agenda -- diplomat
    Photo Gallery

Assistant Secretary of State for Educational and Cultural Affairs (ECA) Evan Ryan

Governor of the Central Bank of Kuwait (CBK) Mohammad Y. Al-Hashel

National Assembly Speaker Marzouq Al-Ghanim receives Iraqi parliament speaker Salim Al-Jabouri

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

Sheikha Aida Salem Al-Ali Al-Sabah

Chairperson of Women's Affairs Committee at the Kuwaiti Cabinet Sheikha Latifa Al-Fahad Al-Salem Al-Sabah

), Director of Ghiras Student Project, Dr. Ammar Al-Hussaini

the ministry's Assistant Undersecretary for development Abdulrahman Al-Mutairi

Ghiras Executive Director Ahmad Al-Shatti

Dr. Ali Shehab

Bad weather causing low visibility in Kuwait City

Bad weather causing low visibility in Kuwait City

Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah

Prime Minister Shinzo Abe

Ministry of Information's Assistant Undersecretary for News Sector Affairs Faisal Al-Mutalakem

Kuwait Credit Bank (formerly the Kuwait Credit and Savings Bank) Director-General Salah Al-Modhaf

OPEC

MMA's striking and ground techniques

third secretary of the permanent Kuwaiti mission at the UN, Abdullah Ahmad Al-Sharrah.

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah with Canadian Foreign Affairs Minister John Baird
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS