Kuwait realty sales jump

Sales volume in Kuwait's real estate sector jumped by 50 per cent, as values dipped by nine per cent in July, compared to the previous month, according to a new report.

There were 649 units sold for KD162 million in July, National Bank of Kuwait said in its economic brief released yesterday. Overall, sales fell significantly in 2008, with the average value of sales during the first seven months being 25 per cent lower than the corresponding period last year. The number of transactions was 28 per cent lower.

Most of the decline in sales during the period occurred in the residential property sector, with value and unit sales dropping by 31 per cent and 32 per cent, respectively.