Real estate transactions in July saw a 22 percent increase in transaction value and a 46 percent increase in the number of properties as compared to June, according to statistics released by the Real Estate Brokers Union. Compared to KD 316.4 million in June, the total value of real estate transactions in July was approximately KD 385.5 million.
Compared to 323 properties in June, there were 472 properties in July. With 39% of the total trading value and 71% of all properties, the residential sector led in both the value and quantity of real estate transactions, according to the statistics. With a 30 percent trading value and a 24 percent property number, the investment sector came in second.
With a 17 percent trading value and 2.5 percent property numbers, the commercial sector took third place. Two and a half percent of the total number of transactions and fourteen percent of the trading value were made by other transactions. Additionally, the data indicated that in July compared to June, there were 55% more transactions in the residential real estate market and a 42% increase in transaction value. Compared to KD 107 million with 218 properties last month, the value of transactions reached KD 151.5 million with 337 properties. First place went to Sabah Al-Ahmad Marine City with roughly 17% of the total value of transactions in the residential sector, followed by Al-Masayel with roughly 9%.
Roughly 38% of all residential land transactions take place in Sabah Al-Ahmad Marine City.
The value of real estate transactions in the investment sector increased by approximately three percent, and the number of transactions increased by thirty-five percent between June and July. In comparison to KD 112 million involving 84 properties the previous month, transactions totaling KD 115.5 million were made across 113 properties. With roughly 25% of the total transaction value in the investment sector, Salmiya led the distribution, followed by Hawally with 22%.
Mahboula, on the other hand, constituted roughly 30% of all apartment transactions within this industry. Between June and July, there was a noticeable drop in the trading value and number of transactions in the commercial sector of 30% and 42%, respectively. Compared to KD 93.7 million involving 19 properties in June, real estate trading this month totaled KD 65.9 million across 11 properties. Salmiya maintained its lead with about 38% of the total trading value in the industry, ahead of Kuwait City with about 19%. Sixty-seven percent of all land transactions in the commercial sector took place in Sabah Al-Ahmad Sea City.
