Earlier today, data for Kuwait’s real-estate sector was released, indicating a rise of 72% year-on-year in July to KD 426 million. Sales in the real- estate sector have strengthened in July as the monthly value reached its highest in six years. Sales in the residential sector advanced to KD 191 million in July, it edged up 35% higher year-on-year increase. Extending its gains from the previous months, the rise followed the increase in the average transactions size, which rose 36% year-on-year.
The rise in the average transaction size was caused by the year-on-year rise in average sized homes purchased in the month of July 2013, however the rise was majorly caused by the in the average price per meter-square of homes and plots.
The country’s investment sector totaled to KD 176 million in July, compared to the amount seen last year. Along with the increase of 22% in the average transaction size, huge sales in July were seen with a total number of transactions of 63% year-on-year.
While the Commercial sector reached its highest level as the sales for the sector reached KD 59 million in July. The commercial section has seen major growth and improvements this year, seeing a huge year-on-year gains in 6 months. However, the Kuwait Investment Authority could be also be a part of the active role to the strong commercial sales. The Savings and Credit Bank approved KD 36 million in loans in July.
