Kuwait real estate trading falls in January

22 Feb 2010

(MENAFN) A report issued by Emaar real estate services company showed that the overall volume of real estate trading in Kuwait reached $601 million in January, at a decrease of 8 percent compared to December 2009, Kuna reported.

The report said that the private housing sector dropped 40 percent in terms of contracts, coming to $252.7 million, compared to $418.4 million in December 2009.

According to the report, the housing sector drop was due to the decrease in the value of houses, land plots and villas in different areas, driven by scarce liquidity, deteriorating investments on the part of citizens, and inability of companies to distribute cash dividends.

On the investment real estate sector, the report said that it had suffered the least although the value of its assets dropped 15 percent in the past year, due mainly to the financial crisis and the return of many expatriates to their countries, leaving many apartments vacant. Rent dropped 20-30 percent depending on the area and population.

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