Monday, 6 September 2010
Kuwait property sales more than double in Q2
Thursday, 29 July 2010 at 14:26, Reuters, Kuwait
Kuwaiti real estate sales soared 113 per cent in the second-quarter compared to the year earlier period signaling a recovery in the sector, official data showed on Thursday.
Property sales in the Gulf Arab state rose to 596.87m dinars ($2.07bn) from 280.8m dinars in the second quarter last year, the data showed.
"Activity through most of 2009 was unusually weak. But at their current levels, sales volumes are well above the average of 608 (transactions) per month seen during the pre-crisis era between 2003 and 2008," National Bank of Kuwait (NBK) said in a research note this week.
Residential property deals, which represent the biggest proportion of total real estate transactions, went up 144.5 per cent in the quarter to 349.2m dinars.
Property sales, especially for residential units, have been falling since state-restricted private firms were barred by the government from residential real estate deals last year.
Investment property sales rose 127 per cent to 229.8m dinars, while commercial property sales were down 41 per cent in the second quarter of 2010 to 18m, compared to the year earlier period.
Commercial property in Kuwait typically refers to apartment buildings meant for leasing, mainly to foreigners.
Property sales in the Gulf Arab state rose to 596.87m dinars ($2.07bn) from 280.8m dinars in the second quarter last year, the data showed.
"Activity through most of 2009 was unusually weak. But at their current levels, sales volumes are well above the average of 608 (transactions) per month seen during the pre-crisis era between 2003 and 2008," National Bank of Kuwait (NBK) said in a research note this week.
Residential property deals, which represent the biggest proportion of total real estate transactions, went up 144.5 per cent in the quarter to 349.2m dinars.
Property sales, especially for residential units, have been falling since state-restricted private firms were barred by the government from residential real estate deals last year.
Investment property sales rose 127 per cent to 229.8m dinars, while commercial property sales were down 41 per cent in the second quarter of 2010 to 18m, compared to the year earlier period.
Commercial property in Kuwait typically refers to apartment buildings meant for leasing, mainly to foreigners.
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