Kuwait Real Estate News
Property sales drops 60 percent in Kuwait
Real estate sales in Kuwait, dropped nearly 60 percent last month, witnessing the tenth month of decline, following government-imposed property restrictions in tackling inflation, revealed official data.
Property prices across the Gulf, are already facing a downward pressure, owing to the fall in regional economic boom, which was largely fuelled by high oil prices.
The residential sales, which form majority of total sales, dropped 72.6 percent year-on-year, touching KD34.59mn in January.
Commercial property sales, however, grew 22.7 percent, touching KD11.4mn in January.
Real estate sales dropped 45.9 percent in December and 43.3 percent in November.
The government had introduced new legislation last year, wherein private companies were banned from purchase and sale of residential units. This measure was introduced to restrain real estate prices.
Thereafter, the annual inflation in Kuwait, dropped slightly, to 10.4 percent in October.
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