STOCK KUWAIT SKYLINE The National Bank of Kuwait
Real estate contracts registered totalled approximately $5.2 billion Image Credit: AFP

Dubai: Kuwait's real estate market shows a robust growth of seven per cent in the first half of 2024 compared to the second half of 2023.

From January to June, real estate contracts registered with the ministry of justice totalled approximately $5.2 billion (Dh19 billion), marking an increase of $365 million (Dh1.3 billion) from the $4.9 billion (Dh17.9 billion) recorded in the preceding period.

Despite this overall rise in total contract value, there was a noticeable decline in various types of real estate transactions, except for exhibitions and warehouses.

Exhibitions saw 4 contracts registered amounting to $35 million (Dh128 million), while warehouse contracts increased by 55.5 per cent, totalling 9 contracts valued at $54.8 million (Dh201 million) compared to 4 contracts worth $27.4 million (Dh100.6 million) previously. Private property transactions numbered 1496, totalling $2.2 billion (Dh8 billion), which was a decrease of 54 contracts from the second half of last year.

Investment contracts decreased by 8 per cent, with 509 contracts valued at $1.4 billion (Dh5.1 billion), down from 554 contracts in the previous period. Commercial contracts numbered 69 with a total value of $1.3 billion (Dh4.7 billion), reflecting an 11.5 per cent decline from 78 contracts registered earlier. Craft contracts fell sharply by 41 per cent, with only 9 contracts totalling $29.7 million (Dh109 million), compared to 22 contracts previously. Coastal strip contracts notably decreased to one contract worth $104 million (Dh381.0 million), down from four contracts in the second half of last year.