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Kuwait property sales down by 34 pct over two months -- report |
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Monday, 15 March 2010 09:43 |
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KUWAIT, March 14 (KUNA) -- Real estate sales in Kuwait dipped in January and February 2010 following a marked surge in late 2009
, according to a recent specialized report.
A total of 400 property transactions involving housing, commercial and investment sectors were clinched in the two-month period, down 34 percent, indicated the monthly report, released by a Kuwaiti economic consulting company.
Thus, the local real estate market was back to its mid-2009 levels, the report said, ruling out that the fall could be due to weak market constituents.
The value of property sales largely dwindled away to KD 120 million in the reporting period, down 40 percent over late last year's figure, it showed.
In relation to the size or value of transactions, the report indicated a mixed performance in diverse real estate sectors, including a fixed or improved performance in the housing and investment sectors, but abysmal performance of the commercial sector.
Regarding the housing sector, 280 deals were hammered out in January, down 40 percent over late last year, while sales of the investment sector remained unchanged, reaching 102 deals in number, the report said.
However, it predicted a boom in the prices of investment real estate later this year, ending up the ramifications of a serious blow that occurred in 2008 and early 2009 as a result of the fallout of the global financial crisis on the Kuwaiti national economy. - Kuna
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