Kuwait?s March property sales soar 130%

25 Apr 2010

(MENAFN) A report issued by the Kuwaiti government showed that real estate sales rose 130 percent in March compared to the year-ago period due to high turnover in residential and investment property, Reuters reported.

Property sales, especially residential units, had been falling since the government placed restrictions in 2008 barring private firms from trading in existing houses to prevent unjustified increases in prices.

Residential property deals, which represent the biggest portion of total real estate transactions, were up 194 percent to $490 million, compared with $166.6 million a year earlier.

Investment property sales rose 90 percent to $171.5 million, compared with the same month a year earlier.

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