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Kuwait: Property sales plunge |
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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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