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Kuwait real estate sales up 5.4 per cent in June

Sector has improved during the last period, despite seasonal factors such as the summer vacation and Ramadan

The real estate market in Kuwait witnessed a slight increase of 5.4 per cent in June, according to a recent report by the National Bank of Kuwait.

According to the report, which Egypt-based Mubasher received a copy of, the volume of sales reached nearly KWD270 million.

It adds that the sector has improved during last June despite seasonal factors such as the summer vacation and the month of Ramadan. Their impact is likely to continue in the coming months.

NBK’s report says that despite the fact that the Kuwaiti property prices are rising per month, it continued to decline compared with last year as sales fell in June by 48 per cent, compared with June of last year.

The residential sector has seen relatively stable sales since the month of May for up to KWD120m through June, adds the report.

The investment sector’s sales witnessed acceleration through June, with total sector sales reaching KWD124m, rising by 7.6 per cent on a monthly basis.

(KWD1 = AED12.11, at the time of publishing)