Kuwait's Real Estate Market Witnesses 7% Growth in H1 2024
Kuwait's real estate market demonstrates 7% growth in first half of 2024, with total contract value reaching approximately 1.619 billion dinars.
Kuwait Real EstateReal Estate MarketMinistry Of JusticeProperty ContractsInvestment ContractsReal EstateJul 09, 2024
The growth can be attributed to an increase in contracts for exhibitions and warehouses. The first half of the year saw the registration of 4 exhibition contracts totaling 10.8 million dinars, while warehouse contracts increased by 55.5% in number, with 9 contracts valued at 16.811 million dinars.
On the other hand, there was a decline in various types of real estate transactions. Private property contracts totaled 1,496, 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%, totaling 509 contracts valued at 451 million dinars.
Commercial contracts numbered 69, with a total value of 406 million dinars, reflecting an 11.5% decrease from the 78 contracts registered in the second half of last year. Craft contracts decreased by 41%, 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.
Information
The Ministry of Justice in Kuwait is responsible for registering and regulating real estate contracts in the country.
The Ministry of Justice is a government agency in Kuwait that oversees the legal system and ensures the rule of law in the country.
Frequently Asked Questions
What was the total value of real estate contracts in Kuwait in H1 2024?
Approximately 1.619 billion dinars
What type of contracts showed an increase in H1 2024?
Exhibition and warehouse contracts
How many private property contracts were registered in H1 2024?
1,496
What was the total value of commercial contracts in H1 2024?
406 million dinars
How many coastal strip contracts were registered in H1 2024?
1
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