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MENA real estate deals drop in August: study
- Middle East: Thursday, October 04 - 2012 at 08:54
According to a report by the Kuwait Financial Centre (Markaz), real estate transactions in key Mena markets have declined in August 2012, due to a seasonal slowdown and lower business activity levels due to Ramadan and Eid holidays, Saudi Gazette has reported. Total value transacted in all reported markets combined moved downwards in August compared with the previous month. Data from Dubai Land Department (DLD) revealed that real estate transactions in August receded compared with the previous month, but were marginally higher than the levels compared to a year ago. The number of transactions were down by 58.4% compared with July 2012, and value transacted declined 62.5% over the same period. In Saudi Arabia, the number of transactions fell 40% year-on-year, while their total value dropped 24.8%, while Qatar and Kuwait witnessed increases, the report said.
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