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Mon 28 May 2007 12:41 AM

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Kuwaiti property sales in record growth

National bank says April saw fastest ever growth in property sales.

Kuwaiti real estate sales more than doubled in April, the fastest pace of growth ever, National Bank of Kuwait said on Sunday.

Sales of homes and commercial units surged 114 % to 316.8 million dinars ($1.1 billion), NBK said in a report, citing statistics from the Ministry of Justice.

The number of units sold rose 85 % to 1,140, the bank said, without giving any comparative data for the year-earlier period.

Gulf Arab states are reaping a windfall from oil prices, which have more than tripled in the last five years, spurring a property boom in the region.

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