Kuwait’s real estate sales rise 15pc
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Kuwait’s real estate, sales grew by 15.5 percent over the previous year, for much of February, government data show, despite the wishes of the Gulf Arab States to the state, real estate prices, a major cause of inflation. Kuwait’s inflation rate was 6.7 percent in November, driven by an increase of 12.6 percent in house prices. The value of all real property, including offers of housing, investment and commercial property has reached about 156 million dinars ($ 585 million) from 3-21 February compared with 135.1 million dinars Over the same period a year ago, the latest official data, which was established by Reuters. The number of sales of real estate direct registered with the authorities, without deals arranged by agents and lawyers. The number of real estate deals jumped to 839 last month from 460 a year ago, following the data. Sale of residential property, most of the real estate economy, rose to 96.62 million dinars in February compared to the period 75.42 million dinars a year ago. The sale of commercial goods has doubled to 12.5 million dinars, while the property, investment fell by 12% to 46.9 million dinars. But Ghazi Abdul-Rahim, Senior Manager with the National Bank of Economic Research of Kuwait, said he expects fall in property prices 10-20 percent during the year 2008 as a new law been approved to prevent commercial companies trade in residential property. “Corporate Communications has been a great player on the market,” he said. The government said last month, he had subsidies for the construction of materials such as steel and cement in the fight against inflation. Over 90% of the land is in the possession of government. |