Kuwait sees 15% rise in property prices

Real estate prices in Kuwait increased 15 percent in July, according to a new report.

The return of Kuwait Finance House and other Islamic financial institutions to the property lending market have contributed to the increase, Kuwait-based Emaar Company for Real Estate Services said in its report.

Property owners reacted positively to the move and transactions increased during the month across all Kuwaiti governorates, the report added, cited by KUNA News Agency, added.

According to the real estate registration department at Kuwait's ministry of justice, a 55 percent increase was reported in July transactions in the private residencial sector with 307 contracts worth of KD55.06 million.

The department indicated that Mubarak Al-Kabir governorate was top with 85 contracts, followed by Al-Farwaniya with 80 contracts, Hawalli with 45, Al-Asima 26 and Al-Jahra 25.