The National Bank of Kuwait has issued a report saying that the value of sales registered in Kuwait real estate market last January reached 214 million dinars which is the lowest since 2011.
The report mentioned that the fluctuations witnessed in the hydrocarbon sector and the world stock markets had impacted the market as it spurred a negative sentiment between investors especially after the market sluggishness of last year. The report cleared that the properties vigor faced a lot of pressures which made it slow down during the last month.
The bank mentioned that the sales deals registered last month reached 250 deals with a total value of 89.6 million dinars. The bank attributed the individuals’ reluctance to purchasing houses to the distribution of 12 thousand units by the government in addition to the fluctuations in the oil market during the last period.
As for the properties prices, a disparate scale of performance was registered as houses prices declined by 4.2% compared to the same period of last year, on the other hand, residential land parcel prices hiked by 2.6% year-on-year. The report referred to a slight drop in prices starting from December 2014 to flat out since then until the mid of 2015.