In comparison to the second half of 2023, Kuwait’s real estate market grew by a strong 7% in the first half of 2024.
Approximately $5.2 billion (Dh19 billion) worth of real estate contracts were registered with the Ministry of Justice between January and June. This represents an increase of $365 million (Dh1.3 billion) over the $4.9 billion (Dh17.9 billion) recorded in the previous period.
Except exhibitions and warehouses, there was a discernible drop in the majority of real estate transactions, even with the overall increase in the total contract value.
Four contracts totaling $35 million (Dh128 million) were registered for exhibitions, while nine contracts totaling $54.8 million (Dh201 million) were signed for warehouses—a 55.5 percent increase from the four contracts worth $27.4 million (Dh100.6 million) that were previously signed. There were 1496 private property transactions, valued at $2.2 billion (Dh8 billion), less than the second half of the previous year by 54 contracts.
Investment contracts dropped from 554 in the prior period to 509, valued at $1.4 billion (Dh5.1 billion), representing an 8% decrease. With a total value of $1.3 billion (Dh4.7 billion), there were 69 commercial contracts, which represents an 11.5% decrease from the 78 contracts that were previously registered. The number of craft contracts dropped precipitously by 41%, from 22 contracts to just 9 contracts worth $29.7 million (Dh109 million). From four contracts in the second half of last year to just one contract worth $104 million (Dh381.0 million), coastal strip contracts have significantly declined.
