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Thu 10 Sep 2009 01:58 PM

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Kuwait property sales slide 38% in year to July

Sales fall to KD99.8m ($348.2m) compared to KD160.7m in July 2008, data shows.

Kuwaiti property sales fell 37.9 percent in the year to July, official data showed on Thursday.

Sales in the Gulf Arab state fell to 99.8 million dinars ($348.2 million) from 160.7 million dinars in July 2008, the data showed.

Property sales, especially for residential units, have been falling since the state restricted private firms from residential real estate deals last year.

Last month, Islamic lender Kuwait Finance House (KFH), said that it had won a verdict against the ministry of justice, opening the way for it to finance private real estate investment in the country.

In July, residential property deals, which represent the biggest portion of total real estate transactions, fell 37.4 percent to 55.1 million dinars, compared to July 2008.

Investment property sales fell 28.1 percent to 39.6 million dinars, while commercial property sales were down 70.9 percent to 5.1 million dinars in July, compared to the same month a year earlier.

Commercial property in Kuwait typically refers to apartment buildings meant for leasing, mainly to foreigners. (Reuters)

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