real estate trading developments march 2019 economic ... · real estate sales, thus aiming to...
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KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 1 of 17
Real Estate Trading Developments
March 2019
Economic Reports – Group Strategy and Corporate Relations
Kuwait Finance House
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 2 of 17
This report covers monthly real estate trading developments. It incorporates analysis of
all types and levels of trading: private, investment, commercial, storage as well as total
real estate sales, thus aiming to monitor periodical changes in local real estate market.
Real estate Sales and Average Transaction Value
Real estate sales witnessed a slight decline in March, thus reaching KD 289 Million i.e. a
decline by 1.4% compared to February. This decline is driven by the major decline in the
commercial sector sales. Meanwhile, residential and investment sectors have recorded a
remarkable monthly increase as sales in March have for exceeded sales recorded for the last
two years. Real estate sales have increased significantly in March, thus reaching the highest
level in 2 years and recording 624 transactions with a monthly increase by 32% accompanied
by an increase in sales in the investment and residential sectors and a remarkable stability in
the trade sector sales.
Real estate sales value recorded a significant decline in March on annual basis by 23% despite
the limited increase in the number of transactions by 2.3% in March, driven by the significant
annual decline in the number of transactions in both trade and investment sectors. The number
of transactions increased significantly in residential sector, thus reflecting negatively on the
number of transactions in these sectors where value declined significantly in both investment
and trade sectors while it increased in the private residence sector on annual basis.
Average transaction value index declined by 25% in March on monthly basis. Accordingly,
the decline reached 25% on annual basis. Average transaction value index in investment
sector declined slightly while the trade sector declined significantly. Average transactions
value witnessed a limited increase in the residential sector and doubled in the handcraft sector
4x the value in February exceeding KD 2 Million. This performance has reflected on the index
value compared to last year as the residential sector recorded a limited annual increase while
the average value index declined in both investment and trade sectors.
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Sales value increased in most of the real estate sectors in March. The value increased in
private residence sector by 45% value wise and increased in number by 37%. Accordingly,
average transaction value in this sector increased by 6% on monthly basis. Investment sector
sales value increased by 11.5% in value and 14% in number. Nevertheless, the average
transaction value declined on monthly basis in this sector by 2%. Sales value in trade sector
declined by 74%. However, the number of transactions in this sector did not witness any
change compared to February. Accordingly, average transaction value declined by y4% on
monthly basis. On annual basis, average transaction value increased in the residential sector
by 8%, declined in the investment sector by 12% and declined in the trade sector by 51% on
annual basis.
Gross Real Estate Sales
Real estate sales value reached KD 289 Million at the end of March, thus maintaining a level
higher that the sales level recorded during the last two years. Sales value declined slightly by
1.4% compared to value in February which has exceeded KD 293 Million. The sales value
has taken the escalating trajectory since reaching its lowest levels in 2015. Despite the
significant increase in the sales of the residential and investment sectors and the significant
sales recorded by the handcraft sector yet the trade sector recorded a higher decline which has
relatively contributed to the decline in the real estate sales value. It is noticed for the second
time respectively this year that sales were recorded on the coastal strip sector. However, these
sales were not reflected in the annual real estate sales which have declined by 23% compared
to its highest levels when they exceeded KD 373 Million in March last year.
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Average daily real estate value index recorded KD 13.8 Million per day in March i.e. a limited
decline by KD 1 Million or 6.1% compared to KD 14.7 Million per day in February. The
number of trading days has stabilized at 20 days during March and February due to holidays
and national festivals. Daily average transaction value index declined in March by 23%
compared to KD 17.8 Million for the same month 2018.
Distribution of Sales based on Contracts and Agencies
Real estate sales (contracts) approximated KD 275 Million in March i.e. a decline by 5%
compared to KD 289 Million in February and declined by 24% on annual basis. Sales value
(agencies) increased to reach KD 14 Million in March i.e. an increase by 209% on monthly
basis and 42% on annual basis.
Distribution of Real estate sales and market share based on Real estate type
Private residence sales share has increased, thus regaining its first rank for the third month
respectively. It represents the highest share since the beginning last year by 57% of real estate
sales for the month of March. The general trend of this index commenced its escalating
trajectory after reaching its lowest levels 26% of sales in July last year.
Investment real estate sales contribution reached 28.5% in March compared to 25% in
February. This sector comes in second rank among real estate sectors for the third time
25
9.2
14
0.5
34
0.6
16
3.5
20
0.5
18
8.1
14
7.7
21
8.3
14
9.4
17
4.6
22
9.4
19
9.0
36
3.3
49
.8
7.2
29
.4
14
.1 26
.9
5.1
19
.0
7.8
18
.5
13
.0 16
.3
13
.9
9.8
0
50
100
150
200
250
300
350
400
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies
Development on Gross Real estate Sales Value
KD Million
Source: Real estate Registration and Authentication – Ministry of Justice, KFH
KFH Data Classification: Internal Use Only
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Kuwait Finance House Page 5 of 17
respectively. The share of this sector has declined after a long period of high contribution last
year, thus exceeding 41% in March last year.
Trade sector sales formed 9.2% of all sector sales in March compared to an exceptional share
34.5% in February. Trade sector share in total real estate sales is still fluctuating.
Handcraft real estate sector sales share increased significantly to a high level representing
5.2% of sales in March compared to 0.25% of total sales in February. March has witnessed a
slight contribution of coastal strip sector sales for the second month respectively representing
1.6% of sales in February.
Average Transaction Value
Average real estate transaction value reached KD 463 Thousand in March, thus reaching its
lowest levels. The index ascending trend has slowed down because of the significant monthly
decline by 25% compared to one of the highest levels when it recorded KD 622 Thousand in
February. Monthly change ratio of average transaction value is still fluctuating. Average
transaction value has declined by 24% compared to March last year. a fluctuating escalating
trajectory is noticed on the annual change of the average real estate transaction value.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Private Residence Investment Commercial
Development on Relative Weight of VariousReal estate Sales Value
Private Residence
32%
Investment
42%
Commercial23%
Warehouses and Handcrafts
3%
Real estate Sales Share Sector wise Mar. 2019
Source: Real estate Registration and Authentication – Ministry of Justice, KFH
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 6 of 17
Total real estate transactions reached 624 transactions in March (593 contracts – 31 Agencies)
which is a high level compared to most of the months during the last two years. Accordingly,
the number of transactions has increased by 2.3% on annual basis. There is a clear fluctuation
in the annual change ratio of the number of real estate transactions during the last few months.
Average transactions increased to reach 30 transactions per day during March i.e. an increase
by 26% compared to 20 transactions per day in February. Also, it increased by 2.3% on annual
basis compared to average number per day in March 2018.
Distribution of Real estate Sales Governorate wise
Sales value in Ahmadi governorate reached KD 38.2 Million which represents 12% of the
value of all governorates sales in March 2019, consolidated on weekly basis. This recorded
49
8
39
5 51
9
39
8
51
0
56
5
44
8
45
2
49
5
52
1
60
1
57
8
61
2
-7%
-34
%
9%
-22
%
2%
15
%
-4%
8%
-18
%
-28
%
18
%
32
%
23
%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
100
200
300
400
500
600
700
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Transaction Average ValueAnnual Growth -Right
Average Transaction Value
KD Thousand
44
1
35
7
63
0
38
7
38
9
33
1
31
8 47
7
30
4
32
7
38
2
35
2
58
1
17
9
17
83
59 57
11
54
23
35 3
3 27 16
29
0
100
200
300
400
500
600
700
800
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
AgenciesContracts
Development on total real estate transaction
Transaction
Source: Real estate Registration and Authentication – Ministry of Justice, KFH
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 7 of 17
value comes along with a remarkable increase in the number of transactions to reach 147
transactions representing 24% of the number of all governorate transactions in March.
Sales value in capital governorate reached KD 48.3 Million reprssenting 17% of monthly
sales. The number of transactions reached 61 transactions representing 10% of the number of
transactions in March.
Sales value in Hawalli governorate reached KD 80.45 representing 28% of the value of all
governorate sales in March while the number of transactions reached 116 transactions in
December, representing 20% of the number of transactions in March.
Sales value in Mubarak Al-Kabeer governorate reached KD 52.5 Million representing 18%
of the value of all governorate sales. The number of transactions reached 169 transactions
representing 25% of all transactions.
Sales value in Farwaniya governorate reached KD 60 Million representing 21% of the value
of sales in March. The number of transactions reached 78 transactions representing 13% of
all transactions.
Sales value in Jahraa governorate reached KD 9.6 Million representing 3% of the value of all
governorate sales in March. The number of transactions reached 14 transactions representing
2% of the real estate transactions in March as consolidated on weekly basis.
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Private Residence Sales Value
Private residence sales value increased to reach KD 164 Million representing the second
highest level in 4 years following the exceptional value recorded in March 2017. Sales have
has taken an escalating trajectory since mid-2015, thus recording in March 2019 a significant
monthly increase by 45%. However, sales value is still witnessing monthly fluctuations. The
robust monthly performance has contributed to the achievement of an annual significant
increase by 35%. Annual change ratio in sector sales has fluctuated even though it has taken
the escalating trajectory.
Source: Real estate Registration and Authentication – Ministry of Justice, KFH
Average transaction value indicator of private residence recorded KD 333 Thousand, which
is the highest level reached in one year. This index has taken the escalating trajectory during
the said period as it recorded a monthly increase by 6% compared to KD 315 Thousand in
February. Change ratio is continuing to fluctuate on monthly basis. Meanwhile, average
transaction value in this sector increased by 8% on annual basis in March. This increase comes
despite the annual decline in most of the months last year with a continued fluctuation of
annual change.
17
5.5
81
.7
13
8.2
10
2.0
90
.3
67
.2
68
.3
11
0.3
83
.0
82
.3
84
.5
97
.1
11
3.7
36
.4
7.2
25
.6
13
.0
11
.6
3.7
17
.5 6
.6
13
.9
9.5
6.9
4.9
7.3
0
50
100
150
200
250
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
AgenciesContracts
Development on private residence sales value
KD Million
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Kuwait Finance House Page 9 of 17
Private residence sale transactions increased to reach 492 transactions in March, reaching the
highest level in 4 years (464 contracts and 28 agencies) i.e. an increase by 37% compared to
359 transactions in February. Transactions number has taken the escalating trajectory in this
sector despite the continued fluctuati9ons in the monthly change ratios. The number of
transactions in this sector increased by 25% in March on annual basis accompanied by a
strong escalating trajectory of the annual change ratios for this sector and the residential
sector.
Distribution of Private Residence Sales Governorate wise
Private residence sales value, consolidated on weekly basis, was concentrated in certain
governorates during March. Mubarak Al-Kabeer governorate has recorded the highest value,
followed by Hawalli, Capital, Ahmadi governorates and finally Farwaniya and Jahra
40
1
29
1
33
7
31
4
32
1
31
2
33
1
30
9
36
0
33
4
30
1
35
1
30
7
28
%
-8%
-18
%
-5%
1%
-8% -4
% -2%
24
%
9%
-7%
3%
-30%
-20%
-10%
0%
10%
20%
30%
050
100150200250300350400450
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Transaction Average Value Annual Growth -Right
Development on average private residence transaction value
KD Thousand
35
8
28
8 40
6
30
8
26
8
21
7
20
7 35
7
23
6
24
6
28
3
27
8 36
7
17
0
17
80
58
49
10
52
21
33 2
9
21 12
27
0
100
200
300
400
500
600
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
AgenciesContracts
Development on private residence transactions
Transaction
Source: KFH, Real estate
Registration and
Authentication –
Ministry of Justice
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 10 of 17
governroates. Private residence sales value in Mubarak Al-Kabeer governorate approximated
KD 45.2 Million which represents approximately 30% of the private residence sales in all
governorates. The sales value was focused in certain areas e.g. Masayel KD 25 Million,
Funaitees KD 8.7 Million, Abu Fatira KD 6.3 Million and Sabah Al-Salem by KD 2.8 Million.
Private residence sales value in Hawalli governorate reached KD 33.3 Million which
represents 22% of the private residence sales in March. The sales were mainly focused in
Salwa area KD 6.7 Million, Jabriya KD 3.7 Million, Rawda and Mishrif with approximately
similarly value and finally Salam area KD 3.3 Million.
Sales value in Capital governorate reached KD 27.6 Million representing 18% of the value of
all governorate sales. Sales value was mainly focused in certain areas e.g. Abdullah Al-Salem
KD 4 Million, Rawda KD 3.7 Million, Qadsiya KD 2.8 Million, Keefan and Yarmouk KD
2.4 Million and KD 2.2 Million respectively.
Sales value in Ahmadi Governorate exceeded KD 25.4 Million, consolidated on weekly basis,
representing 17 % of the value of sales in all governorates. Sales were mainly focused in
certain areas where highest value was recorded in Sabah Al-Ahmed Marine and Residential
area KD 10.9 Million followed by Eqaila KD 4.9 Million and Mangaf KD 1.4 Million.
Investment Real-estate Sales Value
Investment real estate sales value increased in March to reach KD 82 Million i.e. an increase
by 11.5% compared to February which has declined significantly by 23%. Accordingly, the
general trend of the sales value has taken the descending trend during the last 1.5 years. Sale
levels are still limited in this sector while fluctuations continue in the monthly change ratios.
Sector sales have witnessed an annual decline ratio for the third year respectively i.e. a decline
by 48% in March although the annual change has enhanced the escalating trajectory in late
2018. Hence, the change is still fluctuating.
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Average transaction value index in investment real estate sector was relatively limited in
March, accompanied by a slight monthly decline as it recorded KD 730 Thousand in March
i.e. a decline by 2% compared to KD 747 Thousand in February. The escalating trajectory of
this index has continued strongly for the last two years while the monthly change ratio of
transaction value has fluctuated significantly in this sector. On annual basis, average
transaction value declined in this sector by 12% in March bearing in mind it is the third decline
respectively.
Investment real estate transactions increased to reach 113 transactions (112 contracts – 1
agency transactions), thus reaching a high level compared to most of the months during the
last two years. This is the first increase recorded following the significant decline witnessed
during two consecutive months. Transactions increased by 14% in March compared to a
decline by 20% and more than 37% in February and January this year respectively. The
number of transactions in investment sector has taken the escalating trajectory since the
59
.8
42
.4
87
.7
49
.4
57
.5
34
.8
68
.2
60
.1
38
.5
39
.1 1
22
.2
80
.1 1
54
.7
12
.8
-
3.9
1.2
15
.3
1.4
1.5
-
3.1
1.5
9.4
9.0
2.5
0
50
100
150
200
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies
Development on investment real estate sales value KD Million
89
6
70
6
50
0
67
4
67
4
52
5
81
0
57
3
68
1
52
8
1,4
15
1,2
73
83
2
17
%
23
%
22
%
-11
%
-4%
-28
%
88
%
0% 10
%
-21
%
14
3% 1
73
%
-7%
-50%
0%
50%
100%
150%
200%
0
200
400
600
800
1,000
1,200
1,400
1,600
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Transaction Average Value Annual Growth -Right
Development on Average Investment Real estate Transaction Value
KD Thousand
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 12 of 17
beginning of the year accompanied by a fluctuating monthly change of this index. Meanwhile,
the number of transactions declined on annual basis by 40% in this sector for the first time in
one year.
Distribution of Investment Real-estate Sales Governorate Wise
Investment real estate sales, consolidated on weekly basis, are focused were focused in certain
governorates in March. Hawalli governorate recorded the highest value, followed by
Farwania, Mubarak Al-Kabeer, and capital governorates. Jahra governorate is still recording
the lowest transaction value.
Hawalli governorate recorded KD 38.2 Million in March, representing 46% of sales in all
governorates. Sales value was focused in Salmiya KD 28.3 Million, Hawalli KD 9.8 Million
and minor sales in Shaab by KD 130 Thousand.
Sales value in Farwania approximated KD 19.9 Million for investment real estate,
representing 24% of all governorates sales. Sales were focused mainly in Farwania
governorate KD 9.6 Million, Khaitan and Abraq Khaitan KD 4.6 Million. Sales value in Riqae
exceeded KD 3.6 Million representing the value of several buildings of 1000 sm. areas. sales
value in Jaleeb Al-Shoyoukh area approximated KD 1 Million.
Sales value, consolidated on weekly basis, exceeded KD 12.8 Million in Ahmadi governorate,
representing 16% of investment real estate sales in March. Sales were mainly focused in
73
60
18
0
74 1
00
68 8
4 10
5
60 7
6 87
66
18
7
8
0
3
1
8
1
2
1
1 6
4
2
0
20
40
60
80
100
120
140
160
180
200
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies
Contracts
Development on Investment real estate transactions
Transaction
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 13 of 17
Mahboula area KD 5.1 Million including two pieces of investment land KD 2.4 Million. Sales
in Mangaf were focused in investment apartments and buildings by more than KD 2.9 Million
followed by investment apartments in Fahaheel area KD 1.7 Million, Fintas KD 1.6 Million
and Abu-Halifa KD 1.5 Million in March.
Sales value in Mubarak Al-Kabeer governorate reached KD 4.7 Million, representing 6% of
all governorates sales. Sales were mainly focused in Sabah Al-Salem area KD 4.4 Million
covering 4 pieces of land.
Sales in Capital governorate reached KD 4.5 Million representing 5% of all governorate sales.
Sales were mainly focused in Benaid Al-Qar covering investment apartments and houses KD
2.8 Million in addition to an investment land KD 1.5 Million. Sharq area witnessed limited
sales covering investment apartments.
Commercial Rea estate Transactions Value
Commercial real estate sector sales reached KD 27 Million i.e. a decline by 74% compared
to the highest level recorded in February KD 101 Million. Monthly change fluctuations
continue for sales in the commercial sector. Fluctuation was also noticed remarkably in the
sales value and the annual change ratios of the sales value in this sector. Value has declined
in March by 68% compared to March 2018.
20
.0
12
.7
62
.8
10
.9
13
.8
52
.5
7.5
46
.5
25
.8 50
.0
16
.2
11
.3
84
.5
0
10
20
30
40
50
60
70
80
90
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies
Contracts
Development on Commercial Real estate Sales Value
KD Million
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 14 of 17
Average transaction value reached KD 2.4 Million in March i.e. a monthly decline by 74%
compared to the highest level reached in February KD 9.2 Million. This index has witnessed
a fluctuating trend since the beginning of last year. On annual basis, average transaction value
has declined in March by 51% compared to March last year. fluctuation in annual change was
clearly noticed in this index.
Commercial real estate transactions reached 11 transactions in March compared to February,
thus stabilizing at high levels for the third time respectively compared to most of the months
during the last two years. Fluctuation is noticed clearly in the number of commercial sector
transactions which has still taken the escalating trajectory. Monthly change in the number of
transactions was clearly noticed since the beginning of 2018. The number of transactions in
this sector declined in March by more than 35% compared to the same month 2018.
4,0
00
4,2
40
10
,47
1
2,7
13
3,4
44
3,5
00
7,5
00
6,6
44
5,1
63
50
,00
0
3,2
44
2,2
67
4,9
71
-2%
-23
%
17
4%
-55
% -16
%
27
%
16
1%
29
7%
-44
%
32
1%
23
%
-31
% 24
%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
0
10,000
20,000
30,000
40,000
50,000
60,000
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Transaction Average Value Annual Growth -Right
Development Transaction value/ commercial real estate sales
KD Thousand
5
3
6
4 4
15
1
7
5
1
5 5
17
0
5
10
15
20
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies
Development on commercial real estate transactions No.
Transaction
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
Source: KFH, Real
estate Registration and
Authentication –
Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 15 of 17
Commercial sector sales were focused in certain governorates e.g. Capital governorate
KD 16.3 Million which is the highest among all governorates. sales were focused in
city area including a building under construction for KD 5 Million, a building in Sharq
for KD 4.8 Million, Qibla KD 4.8 Million and in Salhia KD 1.7 Million being the value
of a commercial land. Sales value in Hawalli governorate reached KD 7.9 Million
including a building in Salmia KD 5.1 Million and a mall in Hawalli KD 2.8 Million.
Farwania governorate recorded KD 9.5 Million sales including a mall in Khaitan for
KD 6 Million and a huilding in Farwania for KD 3.6 Million. Sales in Jahra governorate
recorded KD 4.9 Million as the value of two malls in Jahra area in March this year.
Warehouses and Handcraft Real Estate Transactions Value
Handcraft real estate sales value increased to reach its third highest level in 2 years, thus
exceeding KD 15 Million in March compared to KD 150 Thousand in February. Sales value
in this sector has fluctuated although it has taken the escalating trajectory during the last two
years. Monthly change ratios of sales have also fluctuated as they sales value in the handcraft
sector has increased by 45% compared to March 2018. Sales value has also witnessed an
annual change fluctuation.
Average handcraft real estate transaction value increased to reach its third highest value in 3
years, thus recording in March KD 2.2 Million i.e. 4x the level recorded in February KD 510
Thousand. The index maintained its clear escalating trajectory while monthly change ratio
3.9
3.7
51
.9
1.3
25
.1
33
.5
3.7
1.4
2.2
3.2
6.4
4.5
10
.4 0.7
1.2
1.5
2.0
0
10
20
30
40
50
60
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
AgenciesContracts
Development on Warehouses and Handcrafts Sale Value
KD Million
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 16 of 17
has continued its fluctuation. On annual basis, average transaction value increased compared
to a relatively high level which has exceeded KD 1 Million in March last year.
Handcraft real estate transaction number increased to reach 7 transactions in March compared
to 1 transactions in February. However, the number of transactions in March 2019 has
declined by 30% compared to the number in March last year. sales in this sector were mainly
focused in 2 governorates. sales in Farwania governorate reached KD 12.6 Million covering
3 pieces of land allocated for commercial showrooms, Abraq Khaitan KD 11 Million and
Ardiya Handcraft area KD 1.8 Million. Sales in Mubarak Al-Kabeer reached KD 2.5 Million
covering the value of 2 pieces of land in west Abu-Fatira area in March 2019.
75
5
61
8 1,3
66
1,3
00
1,5
68
1,0
82
14
4
26
4 91
3
74
0
92
0
2,2
25
1,0
42
22
%
-31
%
13
6%
11
7%
12
6%
11
%
-93
%
-74
% -37
%
0%
28
%
24
2%
38
%
-150%-100%-50%0%50%100%150%200%250%300%
0
500
1,000
1,500
2,000
2,500
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Transaction Average Value Annual Growth -Right
Development on Average Warehouses and Handcraft Transaction
KD Thousand
5 6
38
1
16
31
26
8
3 4 7
2
10
1
2
1
3
0
5
10
15
20
25
30
35
40
Mar2017
Apr. May Jun Jul Aug Sep. Oct Nov Dec2017
Jan2018
Feb Mar2018
Agencies Contracts
Development on Total Handcraft & Warehouses Transactions
Transaction
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
Source: KFH, Real estate Registration and Authentication – Ministry of Justice
KFH Data Classification: Internal Use Only
Strategic Studies, Reports and Corporate Relations
Kuwait Finance House Page 17 of 17
Coast Strip Transactions
The data has recorded certain transactions on this type of real estate, exceeding KD 1 Million
which covers the value of the piece of land on the coastal strip in Rumaithiya in March.
Recorded value reached KD 4.6 Million including KD 4.5 Million for restaurants and coffee
shop in Salwa area and KD 90 Thousand as the value of a piece of land in Masayel area in
February 2019.