Kuwait property sales plunge 47%

Country:  Kuwait

6 August 2009

Property sales in Kuwait plummeted by a staggering 47% in Q2 of this year, compared to the preceding financial quarter, according to official data released this week.

The figures show that total property sales in Kuwait fell to KD280.8m (£581.4m) in the second quarter, compared to KD529.1m (£1.1bn) in Q2 last year, with reidential property deals dominating the majority – around 55% - of these transactions.

Sales of investment property in Kuwait dropped 55% to just over £200m.
Additional data from the National Bank of Kuwait shows that Kuwaiti property values have fallen by as much as 60% on an annual basis so far this year.

See Also:   Kuwait, Marc Da-Silva, Overseas property investor news