- Kuwait’s real estate market grew by 7% in H1 2024, with contract values totalling 1.619 billion dinars.
- Exhibition contracts reached 10.8 million dinars, while warehouse contracts increased by 55.5% to 16.811 million dinars.
- Commercial contracts decreased by 11.5% to 69, worth 406 million dinars. Craft contracts fell 41% to nine, worth 9.125 million dinars.
- Only one coastal strip contract worth 32 million dinars was registered, down from four in H2 2023.
Kuwait’s real estate market experienced a significant upturn in the first half of 2024, recording a 7% growth compared to the latter half of 2023.
From January to June 2024, the total value of real estate contracts registered with the Ministry of Justice amounted to approximately 1.619 billion dinars.
This marked an increase of 112 million dinars from the 1.507 billion dinars registered in the second half of 2023. Despite this overall growth, various types of real estate transactions saw a decline, except for exhibitions and warehouses.
Increase in Exhibition and Warehouse Contracts
Exhibition contracts were particularly notable, with four contracts totalling 10.8 million dinars registered in the first half of the year.
Warehouse contracts also saw a significant rise, with nine contracts registered compared to four in the previous period, marking a 55.5% increase.
The total value of warehouse contracts surged to 16.811 million dinars, up from 8.544 million dinars in the second half of 2023.
Private Property and Investment Contracts
Private property contracts totalled 1,496, valued at 689.9 million dinars. However, this represented a decrease of 54 contracts compared to the second half of the previous year.
Investment contracts also declined by 8%, totalling 509 contracts valued at 451 million dinars, down from 554 contracts previously.
Commercial and Craft Contracts
Commercial contracts numbered 69, with a total value of 406 million dinars, reflecting an 11.5% decrease from the 78 contracts registered in the latter half of 2023.
Craft contracts saw a significant decrease of 41%, with only nine contracts registered totalling 9.125 million dinars, compared to 22 contracts in the previous period.
Coastal Strip Contracts
The coastal strip contracts saw a dramatic decline, with only one contract worth 32 million dinars registered in the first half of 2024. This was a significant drop from the four contracts registered in the second half of the previous year.
Despite the growth in overall contract values, the real estate market in Kuwait presented a mixed picture in the first half of 2024.
While there were notable increases in exhibition and warehouse contracts, other sectors such as private property, investment, commercial, craft, and coastal strip contracts saw declines.
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Last Updated on July 9, 2024 by Safiya K
