Mubasher: The real estate sale transactions in Kuwait decreased by 31.5% month-on-month (MoM) in October 2019 to stand at KWD 230 million, yet signalling below-average sales during the year, as the number of trading days marginally declined over the month.

MoM, the number of real estate transactions dropped by 25% in October when compared to September, with the number of transactions totalling 450. This was accompanied with low performance in all real estate sectors, excluding the industrial sector where sales doubled, Kuwait Finance House (KFH) said in a press release on Wednesday.

Year-on-year (YoY), real estate sales shrank by 29% in October 2019, driven by the low performance during October. However, Boursa Kuwait showed an outstanding rise of 63% in sales.

Moreover, the average total transaction value index grew by 12% on an annual basis, whereas slipping by 9% MoM in October.

On a monthly basis, the sales of various real estate sectors fell, including the private residential sector which slid by 23% during October, coupled with lower transactions and average transaction value by 21% and 3.1%, respectively.  

In contrast, the investment sector sales went up by 7.2%, yet falling by 23% in number. The average transaction value jumped by 39% monthly.

Sales value in the trade sector registered an unprecedented drop, largely centring on the transactions of small retail shops which were significantly down.  

Gross real estate sales plunged by 32% MoM to reach KWD 230 million in October from KWD 336 million, dragged by lower sales of real estate sectors.