November 24, 2022 real estate

Kuwaitis borrow KD 1.14bn this year to build private houses

KUWAIT CITY, Nov 23: According to official data, Kuwaiti citizens obtained loans worth KD 1.14 billion from commercial banks during the first nine months of this year for building private houses. This brings the total annual rate of financing provided by commercial banks to the housing sector during the first nine months of this year to 7.9 percent, reports Al-Anba daily. Also, the balance of installment loans granted by commercial banks to citizens for the purpose of buying, building or renovating their own houses is KD 15.53 billion as of the end of September, compared to a total of KD 14.39 billion at the end of last year.

Housing loans reached high levels at the end of September, equivalent to more than 40 percent of Kuwait’s GDP, and alone account for about 30 percent of the total volume of credit provided by local banks to individuals and institutions. In terms of private and model housing statistics updated in the database of the Central Bank of Kuwait, the rate of loans provided to private and model residents witnessed a decline during the first nine months of this year, with a decrease of KD 6.8 million, or 2.1 percent since the beginning of the year.

This brings the total volume of loans to KD 316.1 million, compared to KD 322.9 million at the end of last December. The volume of loans decreased by KD 1.3 million, or by 0.4 percent on an annual basis, compared to KD 317.4 million at the end of September last year. Loans related to private and model housing also declined on a monthly basis by KD 3.6 million, or by 1.12 percent, compared to KD 319.7 million at the end of last August.


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