With a total of 3.7 billion dinars in sales, the Kuwaiti real estate market saw tremendous expansion in 2024, rising 36% from 2023 to its sixth-highest value ever. Due to a spike in activity in the investment industry, particularly in December, the fourth quarter saw the largest trading value. December was the top month with 442 million dinars, up 33 percent from November and 126 percent from the same month in 2023. The monthly trading average was 309 million dinars.
Of the overall sales, 41 percent were in residential real estate, a modest decrease from 2023. Nevertheless, with 1.554 billion dinars, up 20.7 percent from the year before, it continued to lead in transaction value. October was the busiest trading month in the residential sector, with trade activity peaking in the most recent quarter. The greatest significant value growth was observed in investment real estate, which increased by 49% from 2023 to 1.224 billion dinars. In spite of this, it has historically placed sixth in terms of total value, with the highest years being 2014, 2007, and 2018. Increased trading activity in investment real estate was facilitated by a relative drop in prices in several neighborhoods, such as Hawalli and Ahmadi.
With a 75.3 percent growth from 2023 to 745 million dinars in 2024, commercial real estate saw the highest market value. Changes in anti-monopoly regulations, more lending facilities, and predictions of interest rate reductions all helped this industry.
With 4,950 transactions overall, there was a 13.6 percent rise in comparison to the prior year. About 70 percent of transactions were in the residential sector, compared to 24.44 percent in investment real estate and 2.7 percent in commercial real estate.
Notably, with 529 deals, December also had the most transactions. Due to factors like a rise in home applications, the return of expatriates, and legislative changes that promoted real estate investment, the market’s overall demand remained robust. This stability shows that, in spite of global economic concerns, Kuwait’s real estate market is a profitable industry.
