Kuwait: Property sales plunge

Monday August 3 2009

 

KUWAIT: Kuwaiti real estate sales plunged 47 percent in the second-quarter compared to the year earlier period, as a result of the global financial crisis, official data showed yesterday.
 


Property sales in the Gulf Arab state fell to KD 280.8 million ($977.7 million) from KD 529.1 million in the second quarter last year, it showed. Residential property deals, which represent the biggest proportion of total real estate transactions, fell 28.1 percent in the quarter to KD 142.8 million. Property sales, especially for residential units, have been falling since state-restricted private firms were barred by the government from residential real estate deals last year.

Investment property sales fell 55.6 percent to KD 101.19 million, while commercial property sales were down 64.1 percent in the second quarter of 2009, compared to the year earlier period. Commercial property in Kuwait typically refers to apartment buildings meant for leasing, mainly to foreigners.

 

Source: Kuwait Times

 

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