Kuwaiti real estate sales rise 8%

REAL ESTATE: Market showing signs of recovery in Kuwait. (Getty Images)

Kuwaiti real estate transactions in April totaled KD96.7 million, up by eight percent from March, the National Bank of Kuwait said in a report issued on Saturday.

In its latest economic brief on registered real estate contracts, NBK said the rise in the value of sales was led by the commercial sector, which surged by 51 percent, while sales of apartments rose by 13 percent. However, residential sales dropped by eight percent, news agency KUNA reported.

The report noted that real estate transactions are still 54 percent lower than the corresponding period last year - most of the decline having occured in residential property, with sales values and transactions down by 62 percent and 63 percent respectively.

Meanwhile, the bank said the number of Savings and Credit Bank (SCB) loans approved increased moderately by two percent to 460 in April over March, though the value of loans approved by the bank was down by 10.7 percent.

Compared with March, approved loans for purchasing existing homes rose sharply, however, with the number and value increasing by 84 percent and 146 percent, respectively.

This increase is consistent with Ministry of Justice data showing a jump in purchases of existing homes during the month, the report added.

Approved loans during the first four months of 2009 were up 158 percent in value and 43 percent in number compared with the same period last year.

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