Kuwait real estate activity softened in January as monthly sales reached KD179.5 million, which is 16 percent than the same period of last year, according to the National Bank of Kuwait.
The decline in Kuwait property market comes after the stellar performance of December when the sales soared above KD200 million ($600 million).
As indicated in NBK’s real estate prices indices, January price performance showed further stabilization, especially in the residential sector.
The total value of residential sales concluded in January hit KD78.4 million dinars on 240 transactions, which is 13 percent lower than same period last year.
On the other hand, Investment sector sales improved in January as total sales value reached KD66.8 million on 115 transactions, rising 5% month-on-month.
Although the investment sector’s sales is picking up from the low level recorded last September, it’s still weak when compared with the same period in 2016 and 2015.