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FINANCIAL NEWS
Kuwait office sales rise, housing sales drop in 2011
29 Jun 2011
(MENAFN) A Global Investment House report published Tuesday said that Kuwait’s commercial real estate sales rose by 49 percent in the first quarter of 2011, while housing sales dropped by 66 percent, Arabian Business reported.
Investment real estate, including offices and stores, rose by 49 percent from last year to total USD1.002 billion for the beginning of this year. Only 5 percent of spaces remained vacant.
Commercial housing dropped by 66 percent from 2010 to total USD1.437 billion. Housing prices rose by five percent despite vacancy rates of 80 percent. A lack of mortgage loans contributed to the continuing difficulties faced by Kuwait’s real estate sector after the global financial crisis, Aly Mahmoud Shalaby, head of consumer banking at Gulf Bank, Kuwait, said.
Real estate companies felt the impact of poor sales with profits falling from USD90 million in 2010 to only USD1.744 million this year, Kuwaiti Stock Exchange listed profits showed.
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