Kuwait Real Estate News
Kuwait property sales dip by 28 percent
The real estate sales in Kuwait dropped by28 percent in June 2008, marking the third consecutive month of decline, ever-since the state imposed restriction on residential real estate transactions, hoping that it would tackle record inflation.
The inflation in Kuwait jumped 10.14 percent in February, mainly due to an increase of 16.1 percent in housing costs.
The value of all real estate transactions, including investment, residential and commercial properties, was Dh.176.93mn on 30th June, as against Dh.245.69mn a year ago, reveal data by Reuters. In May, the real estate sales in Kuwait fell 36 percent year after year.
The government introduced regulations earlier this year restricting the companies from purchase and sale of residential properties.
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