Plummeting property sales in Kuwait

Country:  Kuwait

27 March 2009

The volume of homes sold in Kuwait tumbled 35.2% month on month in February, the eleventh straight month of decline, according to official government data.

Residential property sales have been hindered by the government’s decision to introduce legislation restricting the number of properties private companies can now own. The property sector has also come under growing pressure from the global economic downturn that has seen property prices across much of the Gulf fall.

The value of residential property deals fell 53% year on year in February to £108m.

See Also:   Kuwait