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Kuwait real estate market flourishes gradually: Report |
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Wednesday, 06 April 2011 23:36 |
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KUWAIT, April 6 (KUNA) -- Backed by multi-billion portfolio announced by Kuwait government, local property market has started to grow recently and would flourish gradual shortly
, a specialized report revealed Wednesday. The report, released by Emaar Al-Ahlia Real Estate Company, said though the government portfolio for backing the real estate sector came late, but it has remarkable positive impacts on the market, expecting that it would witness a boom before the end of 2011. This expected flourish of the market would also have great implications to the operating companies as it would increase the value of their assets and their profits and encourage them to pump more investments in the market. The report also estimated the total value of market transactions in February 2011 at 219.9 million dinars compared with 211.6 million dinars, a month earlier.
The trading residential real estate sector stood at 94.1 million dinars in February, representing the total value of 302 deal including contracts and agencies, a decline of 12 percent against January trading. The report also forecasted that the prices of the residential units would surge up by 10-15 percent in the third and fourth quarters of this fiscal year. But the commercial real estate sector trading value in February 2011 was estimated at 3.1 million dinars, down 61 percent vis-@-vis that of January, the report said.- Kuna
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