KUWAIT CITY, Oct 29: Real estate trading liquidity decreased by 35 percent in the third week of October, with a total trading value of about KD80.2 million for 137 transactions, compared to KD123.4 million for 143 transactions in the second week.
This slight decrease in the number of transactions, not exceeding four percent, is a reflection of the continuous trading activity for smaller and lower-priced transactions. The weekly report of the Real Estate Registration and Documentation Departments at the Ministry of Justice for the period Oct 19-23 showed a decline in most real estate sectors, with a slight exception in the commercial sector. Trading resumed in the shops sector after a hiatus of several months with two transactions worth KD660,000.
Liquidity in private transactions decreased by 24 percent, with the trading value falling to KD32.6 million compared to 43 million, while the number of transactions decreased to 93 deals from 97 deals (four percent decrease) in the second week, indicating continuous demand for small residential properties.
The investment sector recorded a remarkable decline to KD32.1 million for 36 transactions compared to KD50.2 million for 40 transactions in the previous week – 36 percent decrease in value and 10 percent in the number of transactions. It reflects the slowdown in purchasing activity by investors and the tendency of some to adopt a wait-and-see approach towards the end of the last quarter of the year. In contrast, commercial transactions increased by 100 percent, with four deals worth KD14.8 million, compared to only two deals worth KD21.4 million in the previous week. This is a 30.8 percent decrease in value, showing continuous activity in this sector, but at lower values due to the varying sizes of the properties traded.
By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff
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