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Report Third Quarter 2014 Kuwait KFH Local Real Estate 3 Report Third Quarter 2014 Kuwait KFH Local Real Estate Report 2014

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Report Third Quarter 2014 Kuwait KFH Local Real Estate 3 Report Third Quarter 2014 Kuwait KFH Local Real Estate Report 2014 kfh.com 180 3333 KFH Local Real Estate 3 Report Third Quarter 2014 Kuwait KFH Local Real Estate 3 Report Third Quarter 2014 Kuwait KFH Local Real Estate Report 2014 Introduction Development of the total value of real estate trading monthly starting 2011 to September 2014 Laws are just as good as the institutions that enforce them. Courts do not enforce law KD Million and resolve disputes only. Their interpretations of laws also fill many of the inevitable 700 loopholes in legislations. This may also apply to the current debate on Law No 8 for 600 2008, under which KFH received a court sentence from the Court of Cassation stating 500 that Islamic banks shall not be subject to the provisions of law that ban banks from 400 conducting this business. This has the greatest effect on disseminating a climate 300 of revitalized real estate housing market, after the recess it underwent due to these 200 laws, not to mention global financial crisis. 100 However, this law was interpreted in a unique way. That is, a charge should be im- 0 July July July July May May May May April April April April June June June June 2011 2012 2013 2014 March March March March posed for properties with an area over 5,000 m2, according to Law No 8 of 2008 on August August August August October October October February February February February December December December November November November the exploitation of vacant lands, stipulating that if the area of an unbuilt private res- September September September September January January January January January idence plot exceeds five thousand square meters, and this plot is owned by a natural Agencies Contracts person in any site or project including plots allocated for private residence, whether these plots are all in the same or different places, a KD 10 tax shall be imposed for each square meter over this area. In addition, the law states that a plot may not be exempted from this tax unless 200 m2 or 20% of its area, which is bigger, is built. This tax shall be payable from one year from the issue date of the law. It shall be payable, regardless of whether the owner is an individual or an organization. This leads to the delay in enforcing the law and the recourse to court in search of an equitable interpretation. To protect the interests of KFH’s depositors, shareholders and customers, KFH decid- ed to pay the charges imposed on KFH under Law No 8 so that KFH’s customers may finalize their suspended transactions with the Ministry of Justice, although there are claims still unsettled. Regarding these claims, KFH is waiting for the opinion of the impartial Kuwaiti judiciary, which may mean that KFH could recover these paid charges in whole or in part, if it was decided that KFH is not subject to these charges. 4 5 KFH Local Real Estate Report 2014 Such a decision will reactivate the private residence segment of the real estate financing market, through feed- Average price per square meter in Al Jahra Governorate declined to KD 2,855, while reaching over KD 2,500 in ing in new customers. It will also increase the confidence of the public and customers in the mechanism applied Farwaniya and KD 3,050 in Ahmadi in Q3 2014. in KFH’s real estate financing agreements, after overcoming this problem. It will also secure customer equities, through taking the required actions to register customer-owned properties with the Ministry of Justice. This decision is in line with the rising interest in solving the housing problem in Kuwait by economic policy Market Trends makers and the National Assembly. This will be achieved through speeding land allocation, shortening wait- Trading indicators issued by the Ministry of Justice’s Department of Registration and Authentication with re- ing periods, increasing the volume of support directed to building materials to relieve the citizens from price spect to the total real estate transactions have recorded around KD 952.979 million in Q3 2014, remarkably increases caused by shortage of supply. It will also be achieved through a reconsideration of a number of real declining by 33% of about KD 479.5 million from their KD 1.432 million in Q2 2014. estate legislations to accommodate the private sector and extend its participation in construction and real es- tate development, which will contribute to a speedy solution of the housing problem. Progress of the total value of Real Estate transactions The sales of the real estate buildings in Kuwait recorded a decrease for the first time after a series of increases from Q3 of 2013 until Q3 of 2014 in two years, reaching its least value since Q2 2013. This remarkable decrease was driven by a decrease in real estate residential, investment and commercial transactions, with a slight increase in price indicators, whose KD Million change ratios varied across different areas. Commercial real estate properties also witnessed a slight rise in the 1,600 shadow of the continued improvement in occupancy rates in commercial buildings in the areas of Farwaniya, 1,400 1,200 Fahaheel and the metropolitan district. 1,000 The total value of real estate transactions in Q3 2014 has witnessed a remarkable decrease that reached 33%, 800 representing more than KD 479 million, with the total value of real estate transactions reaching about KD 953 600 400 in Q3 2014, compared to about KD 1.4 billion in Q2 2014. 200 0 Real estate transactions for private residence have contributed by 43% of the total value of real estate trans- Q3 Q4 Q1 Q2 Q3 actions during Q3 2014, compared to a share of 42% in Q2 the year 2014, while Q3 has witnessed a rise in the 2013 2013 2014 2014 2014 share of investment transactions to about 50% compared to about 44% in Q2 2014, while commercial transac- Agencies Contracts tions declined to about 4% compared to 13%. At the same time, crafts and showrooms real estate transactions recorded a relative increase, contributing by 3% in Q3, compared to less than 1% of the total value of real estate transactions in Q2 2014, while coastline transactions recorded a share of only 1% in Q3 2014. The total real estate contract transactions reached about KD 920 million in Q3 2014, recording a remarkable decline by 32% (KD 427 million) than KD 1.347 billion in Q2 2014. Meanwhile, the total real estate agency trans- The volume of real estate trading activity had a significant impact on private housing, driving a declining trend actions declined to KD 33 million in Q3 2014, leading to a decrease of over 61% of about KD 52 million from in the total value of real estate transactions, given that the volume of trading of the residential properties has their Q2 2014 value of about KD 86 million. witnessed a decrease by 31% of about KD 104 million from their Q2 2014 value. On a year-to-year basis, the total real estate contract transactions recorded a limited decrease of 7% (KD 66 Investment property transactions recorded a remarkable decline of 23% of about KD 143 million than Q2 2014, million), than their previous KD 986 value in Q3 2013, while the value of the total trading of real estate agency while commercial property transactions recorded an unprecedented decline of 82% (over KD 99 million) in Q3 transactions recorded a remarkable YTY decrease of 46% of about KD 29 million, compared to their value of compared to Q2 2014. about KD 62 million recorded in Q3 of 2013. As regards coastline transactions, these recorded the second activity during the year, recording about KD 5 Real estate transactions by Sector as a percentage of the total Real Estate million compared to their inactivity in Q2 2014. transactions during Q3 of 2014 Meanwhile, storage and occupational property transactions were active in Q3 2014 thus recording a remarkable increase of 15% (over KD 3 million) than Q2 2014 recorded values. Regarding prices, the indicators of the residential property prices recorded a slight increase of less than 1% Private 43% during Q3 2014 in all governorates of Kuwait, compared to average prices recorded in Q2 2014. The price indi- Investment 50% cators of the investment housing have recorded a slight increase of about 2% to average prices in Q2 2014, as an average of the Governorates of Kuwait. Commercial 4% Concerning commercial properties, price indicators witnessed a slight increase of less than 1% during Q3 2014 Industrial - Warehouses 3% for average price across Kuwaiti governorates, compared to a limited increase of 1% in Q2 2014. Average price per square meter in the Capital Governorate stabilized at KD 5,948 in Q2 & Q3 2014. 6 7 KFH Local Real Estate Report 2014 Value of Real Estate transactions for every sector during Q2 and Q3 of 2014 KD Million 700 600 500 400 300 200 100 0 Residential Investment Commercial Warehouse Coastal Second Quarter 2014 Third Quarter 2014 The average value of total transactions has recorded about KD 471,000 during Q3 2014, declining at a rate of 27% of about KD 174 Million, compared to its KD 646,000 value in Q2 2014. It recorded yearly increase of 7% than the average of total transaction value in Q3 2013. Progress average value of the total Real Estate transactions from Q3 2012 - Q3 2014 KD Thousand 800 700 600 500 400 300 200 100 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2013 2013 2013 2013 2014 2014 2014 8 9 KFH Local Real Estate Report 2014 Trends in Private Housing Private residence transactions declined in Q3 2014, constituting 43% of the total real estate transactions, due Progress average transaction value out of the total housing real estate transactions to a remarkable decrease in their value compared to the previous quarter.
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