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Real estate auction sparks market revival with overwhelming success

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KUWAIT CITY, June 2: Reem Real Estate Company’s recent auction, held last Wednesday evening at the Chamber of Commerce and Industry, marked a significant milestone in Kuwait’s real estate sector, reports Al-Qabas daily. The auction saw the sale of 21 residential plots in Funaitees and Seville areas, along with two investment plots in Mahboula, fetching a total of 10.41 million dinars.

Notably, the auction witnessed a remarkable surge in property values, with prices escalating by 11.1 percent to reach 1.04 million dinars above the initial valuation of 9.37 million dinars. CEO Khaled Al-Sagheer expressed his satisfaction with the auction’s outcome, citing it as a pivotal moment signaling the resurgence of the real estate market. He emphasized the heightened demand for residential lands, with all offerings sold at prices exceeding their initial estimates.

Al-Sagheer reiterated the company’s commitment to organizing future auctions with the utmost professionalism and transparency, leveraging digital platforms for remote participation and immediate result visibility. Al-Sagheer outlined Reem’s strategic approach to future auctions, emphasizing market demand analysis and product diversification to ensure optimal outcomes. He envisions the “Al-Reem Auction” as a benchmark for market dynamics, setting the standard for real estate transactions in Kuwait. The auction showcased various properties, including residential plots in Mahboula and Seville, and Funaitees. Prices ranged from 325 thousand dinars to 1.12 million dinars, with increases ranging from 0.23 percent to 23.5 percent over initial valuations. The success of Reem Real Estate Company’s auction underscores the growing confidence in Kuwait’s real estate market and sets the stage for further growth and innovation in the sector

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