Kuwait’s real estate sector witnessed robust growth in 2019, with the value of the transactions reaching KWD 3.7 bn (USD 12.04 bn), the second-highest in the last four years, based on a report by Kuwait Finance House (KFH), Trade Arabia reports.

The number of deals rose 6.4% year-on-year (Y-o-Y) to record 6,765 in 2019. However, the transaction value for 2019 fell 1.5% Y-o-Y, it added.

During the fourth quarter of 2019, Kuwait’s real estate sales fell 11% to KWD 863 mn compared to figures achieved in Q3. The report attributed this fall in property sales to mainly lower investment and commercial property sales.

On an annual basis, real estate sales declined by 26% due to lower commercial property and private residence sales and a higher plunge in the investment sector sales, KFH added.

In late 2018, Kuwait-based Tamdeen Pearl, a subsidiary of Tamdeen Group, has launched “Al Khiran Hybrid Outlet Mall,” marking the first-of-its-kind in the region and coming in response to shoppers’ demand for an all-inclusive experience.