| Kippreport.com

Kuwait property sales fall 47percent in Q2

August 2, 2009 3:35 by Aarti Nagraj

According to official data, real estate sales in Kuwait plunged 47 percent in the second quarter of the year, from around $1.8 billion in the second quarter of 2008, to around $977.7 million this year. Residential property deals fell 28.1 percent in the quarter to around $450 million.

“The economy is not growing and is decelerating, you have job destruction and job destruction would lead to higher population risk which will in turn add to the uncertainty on the real estate side,” Saud Masud, a real estate and construction analyst at UBS in Dubai told Reuters.

Tags: fall, Financial Crisis, Kuwait, property, sales