Kuwait Real Estate News
Kuwait records decline in property sales in Feb 09
Property sales in Kuwait plunged 35 percent in February, marking the eleventh straight month of decline, as per the data released last week.
The property sales, for housing units in particular, have been witnessing a downward trend, ever-since the State, imposed restriction on private firms by banning them from residential deals last year.
In the meanwhile, the Gulf property markets are witnessing pressure amidst the global financial crisis, which has put an end to the economic boom in the region.
The residential property transactions, which form the majority of total property transactions in the State, fell 52.59 percent during the year to February, touching 45.81million dinars, reveal the government data as reported by Reuters.
The investment property sales dropped 56.4 percent in February, touching 20.48mn dinars, while commercial property transactions tripled to 34.88m dinars, from 12.49m dinars recorded a year ago, the data revealed.
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