Kuwait real estate sector set for recovery in 2012, bank report suggests

A recovery in the real estate sector in Kuwait is expected in 2012 after property sales increased by 35%, in 2011.

According to the latest GCC Economic Outlook report from the National Bank of Kuwait (NBK), the total value of purchases last year reached KD2.7 billion.

It says that there was a renewed interest in real estate among investors with that sector showing an increase of 53%.

Residential increased 32% but the commercial sector under performed with just a 3% gain. Residential sales accounted for 54% of the total sales, investment was 37% and the commercial sector 9%.This is similar to 2010 when sector shares were 55%, 33%, and 12% respectively.

Source: PropertyWire.com