Kuwait property sales plunge 47% in second quarter

Kuwaiti real estate sales have witnessed a slump of 47 per cent in the second-quarter compared to the year earlier period, as a result of the worldwide financial crisis. Property sales declined to KD280.8 million (Dh3.58 billion) from KD529.1million in the second quarter last year.

Residential property deals, which represent the biggest proportion of total real estate transactions, have come down 28.1% in the quarter to KD142.8m.

Investment property sales have witnessed a dip of 55.6 per cent to KD101.19m, while commercial property sales were down 64.1 per cent in the second quarter of 2009, compared to the year earlier period.

Real estate sales and number of transactions during June saw their highest level since December 2008.