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Real estate business forecast to dip by 40 percent - report |
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Saturday, 21 November 2009 23:09 |
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Property trade in Kuwait is predicted to fall by 40 percent this year compared to last year
, with a supposition that fluidity is to last in the remaining two months of this year, according to an economic report.
Real estate business, including contracts and agents, is expected to hit roughly KD 1.65 billion by the end of this year, KD 1.10 billion, or 40 percent, lower than the figure recorded in 2008, the weekly report by Alshall company estimated.
The value of contract and agent sales amounted to KD 158.8 million in October, up 5.2 percent over the figure of the same month last year, the report quoted recent figures of the Ministry of Justice as saying.
This percentage was so high that it hit 126.7 percent compared to last September's KD 70 million, it said.
The total value of contract and agent sales hit KD 1.37 billion, according to the report.
It indicated a dip in the value of property transactions in 2009 compared to the same period last year. - Kuna
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