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Sat 25 Aug 2012 01:24 PM

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Kuwait real estate sales rise 18% in June

Property sales total $942m, 18% up on previous month, says National Bank of Kuwait

Kuwait real estate sales rise 18% in June

Kuwait's property sales jumped 18 percent in June compared to the previous month led by the residential property sector, a new report has showed.

Real estate sales in June totalled KD266m ($942m), almost unchanged from June 2011 but up 18 percent month-on-month, Kuwait News Agency said.

The report by the National Bank of Kuwait said residential sales rallied in June while both the investment and commercial segments lagged with only a 1.2 percent increase in sales.

It added that the residential sector sales totalled KD148m, an increase of KD34m compared to June 2011 on the back of an increased number of transactions.

Ahmadi governorate saw the highest number of transactions for plots of land, the report said, adding that Hawalli governorate saw the most activity for home transactions.

The NBK report said that the investment sector saw KD113.1m in sales during June, down KD22m compared to the year-earlier period.

The commercial sector saw just KD5.3m in sales, a drop of KD8.5m compared to the same month of last year with two out of three transactions taking place in Kuwait City.

The report added that the Savings and Credit Bank (SCB) approved almost KD10m in loans at an average of about KD63,000 for each successful application.