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Kuwait property sales up 26% in May

by Reuters on Wednesday, 27 June 2007

Real estate sales in Kuwait rose to 230.4 million dinars ($799.7 million) in May, 26% higher than the year-earlier period, the National Bank of Kuwait
(NBK) said in a report, citing government figures.

The Kuwaiti lender said 886 property units were sold in May, up 29% from May 2006.

Compared with the previous month, property sales fell 27% in value terms and the number of transactions dropped 22%, NBK said.

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Average sales in the first five months of the year were up 59% in both value and volume terms compared with the same period last year.

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