Residential property deals value in Kuwait declined during April by 42% compared to the prior month as a result of the sluggish activity in the market. Meanwhile, Kuwait International Bank mentioned in its latest report on Tuesday that market recovery is pegged to oil price rise.
The market registered a total of 305 deals worth KD89 million compared to 528 deals valued at KD51 million in March.
Property sales value in investment sector declined by 51% compared to the same period of last year and 42% to last quarter. The sector witnessed 60 deals compared to 81 deals last month.
The report highlighted also the decline in Kuwaiti property prices as a result of the economic uncertainty along with the levels of demand and supply.
The current property situation in Kuwait is expected to last unless a positive development takes place in the market like oil price rise.