48.9 million dinars in real estate transactions over three days
Statistics issued by the Real Estate Registration and Documentation Department at the Ministry of Justice revealed that 72 real estate contracts were traded during the first three days of September, totaling KD 48.9 million.
The statistics indicated that private real estate contracts led the market with 54 transactions valued at KD 18.2 million, followed by investment real estate contracts in second place with 16 contracts worth approximately KD 29.5 million. Commercial real estate transactions consisted of a single contract valued at KD 17,000, while coastal strip real estate saw one contract traded for KD 1.2 million.
On another note, the Ministry of Justice’s real estate auctions generated approximately KD 7.24 million from the sale of 15 properties during the first two weeks of September, exceeding their initial prices by about KD 624,400, representing a total increase of 9.4%.
Auction data showed that the total initial prices of the sold properties amounted to approximately KD 6.62 million, before the sales revenue rose to KD 7.24 million, driven by strong competition for several properties.
The top sale was a property in Abdullah Al-Salem Suburb, where a 750-square-meter plot was sold for KD 1.445 million, an increase of KD 68,000 over its initial price of KD 1.377 million.
Al-Fayhaa property, covering 400 square meters, ranked second, with its price rising from KD 810,000 to KD 1 million, an increase of KD 190,000 (23.46%). Meanwhile, a property in Al-Jaberiya, measuring 450 square meters, recorded the third-highest sale value at KD 590,000, compared to an initial price of KD 459,000, marking an increase of 28.54%, which was the highest among transactions executed during the period.
Additionally, a property in Al-Maqfah, covering 608 square meters, was sold for KD 550,000 against an initial price of KD 450,000, an increase of 22.2%. In contrast, a 500-square-meter property in Al-Salam was sold for KD 523,000, compared to an initial price of KD 445,500, representing an increase of 17.4%.
Conversely, auction results showed that several transactions remained stable at their initial prices without any increase, including properties in Sabah Al-Salem, Salwa, Al-Jaberiya, Al-Andalus, and Sulwa.
Regarding incomplete auctions, many sessions saw a large number of properties postponed due to a lack of bidders, while others were withdrawn, some due to settlements between parties to the lawsuit and others by decisions from competent authorities.
Auction results indicate continued actual demand for properties offered for sale, although demand strength was not uniform across different locations and prices. Competition was more concentrated on certain properties, while others faced a lack of interest, leading to postponement and re-offering in subsequent auctions.
Auctions for 37 properties were postponed, 35 of which due to a lack of bidders. Meanwhile, auctions for two properties in Saad Al-Abdullah and Al-Firdaws were postponed without detailed reasons provided in the auction data.
As for canceled auctions, there were five, including two properties in Sabah Al-Ahmad Residential Area and Al-Waha, whose listings were canceled due to settlements and the resolution of disputes between the parties to the lawsuit. Listings for properties in Al-Rawda, Salwa, and Al-Maqfah were canceled according to decisions by the competent authority.
