KUWAIT: Kuwait’s domestic property market was sluggish in the first quarter of 2019 largely due to the fasting month of Ramadan and subsequent holidays, according to experts. Speaking to KUNA, Al-Dlaijan Property Manager Suleiman Al-Dlaijan said housing and investment rates remained the same, adding that majority of housing traders were brokers and not home seekers.

Trades in housing, investment and commercial sectors were low largely due to stakeholders’ preoccupation with Ramadan, umrah and family duties, he added. The property market was temporarily affected by regional developments, unlike trade in gold and other sectors. Prices were not noticeably affected owing to short supply and tenants holding on to their apartments, Dlaijan noted.

Secretary of Kuwait Real Estate Union Qais Al-Ghanim, also speaking to KUNA, said the market witnessed limited activity due to abundant financial resources among traders. The housing sector wobbled due to a number of factors such as dependence on expatriates, he pointed out. Currently, the market is unstable but the situation will change after the annual vacation, Ghanim added.

Abdulaziz Al-Dghaishem, a property expert, said the market in the second quarter of 2019 witnessed fluctuation. In April, it was noticeably active in all sectors. However, the situation changed in May where the market became gripped by temporary recession due to Ramadan and Eid. The recession persisted in general in June, he said. The market is forecast to recover in mid-September, he expected. – KUNA