Kuwait Real Estate News
Kuwait property sales likely to drop in 2008
The real estate sales in Kuwait touched 15 percent year-on-year during most of February, indicates the government data, despite measures planned by the state to cut down its property prices, which was believed to be a major cause for inflation.
The value of all real estate deals including investment, residential, and commercial property, increased to around KD156mn from 3rd February to 21st February, compared to 135.1 million dinars during the same period, a year ago, revealed the official data by Reuters.
The figures are inclusive of real estate sales registered with authorities, excluding deals arranged by agents and lawyers. The number of Kuwait real estate deals climbed to 839 last month from 460 a year ago.
As per the data, the sales of residential properties were the biggest, touching KD96.62mn during February as against KD75.42mn during last February.
Sales of commercial property doubled to KD12.5mn, while that of investment property dropped by 12 percent, at KD46.9mn.
However, the Senior Manager of Economic Research at National Bank of Kuwait (NBK), Ghazi Abdul-Rahim, said he expects property prices to drop by 10 to 20 percent in 2008, as a new law is in place, which prevents commercial firms from trading in residential property.
The commercial firms were a major player in the market. Also, the government, last month, increased subsidies on building materials such as cement and steel to counter inflation. More than 90 percent of land in Kuwait is owned by government, he pointed out.
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