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Kuwait real estate financing shrinks amid pandemic

Kuwait real estate financing shrinks amid pandemic

Kuwaiti banks lending to the property sector plunged in the first two months of the year, Zawya cited Al Arabiya.

Lending fell 64.6 percent to 224.6 million Kuwaiti dinars by the end of February compared to 692.5 million Kuwaiti dinars in December 2020.

Mortgage finance decreased by 16.8 percent in February 2021 when compared with a month earlier, Al Arabiya said, citing Kuwait Central Bank monthly data.

The regional property market has been hammered by the twin blow of the coronavirus pandemic and persistently weaker oil prices that has dampened consumer demand for new homes in some Gulf states.



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