Kuwait's property sales fall 35% in April - Emirates24|7

Kuwait's property sales fall 35% in April

Kuwaiti real estate sales fell about 35 per cent year-on-year in April, official data showed on Wednesday, the first decline in several months after the government restricted residential property trading in a bid to curb record inflation.

Inflation in the Gulf Arab state jumped to a peak of 9.5 per cent in January driven mainly by a 16.1-per cent rise in housing costs.

The value of all real estate deals – including residential, investment and commercial property but excluding storage – was around KWD206.03 million (Dh2.836 billion) in April compared to KWD316.75m a year ago, government data obtained by Reuters showed.