Kuwait probes property price hike

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 24 September 2007

Kuwait said yesterday it would investigate a jump in prices of real estate and land plots after an increase in housing costs in July raised worries of fuelling inflation.

Trade & Industry Minister Falah Fahd al-Hajeri told state news agency KUNA the government was surprised about the rise and would form a committee to investigate the reasons behind it.

He said he wanted prices to go back to levels appropriate for citizens' income, adding that a lack of land plots was one of the reasons for the increases.

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Inflation in Kuwait came off 12-year highs in June as food price rises eased but housing prices accelerated to 7.1% , compared with 4.08% the previous month, according to government data obtained by Reuters on Sept 5.

National Bank of Kuwait, the country's biggest bank, said in a research report that real estate sales jumped by 87% to 459.7 million dinars ($1.64 billion) in July from the previous month.

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