Kuwait’s Real Estate Sector Shows Growth in Assets and Liabilities in 2023
Kuwait Stock Exchange-listed real estate companies saw their assets grow in 2023 to 5.8 billion dinars and liabilities to 2.89 billion dinars, up 4.3% and 5.1% respectively from the previous year.
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During the fiscal year that concluded on December 31, 2023, real estate firms listed on the Kuwait Stock Exchange witnessed a growth in both assets and liabilities. The total assets of these companies reached 5.8 billion dinars, registering a 4.3% rise from the previous year’s 5.55 billion dinars. Meanwhile, the liabilities for the same period saw a climb to 2.89 billion dinars, up by 5.1$ from 2.75 billion dinars in 2022, constituting nearly 49.9% of the companies’ total assets.
Leading Companies and Growth Highlights
Leading the pack in asset valuation was Mabanee Company with assets of 1.35 billion dinars, followed by the United Real Estate Company and Tamdeen Real Estate, holding assets valued at 665.4 million dinars and 562.5 million dinars, respectively. Notably, Sanam Real Estate Company reported the most significant growth in assets at 35.7%, with Mabanee Company also seeing a substantial increase of 19.4%.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
