Real estate sales surge in Kuwait.

Real estate sales hit a six year high in Kuwait during July, new figures have revealed.A report from the National Bank of Kuwait shows that sales were up by 72% year-on-year, amounting to of KD426 million ($1.48 billion).

Sales of residential properties during the month rose to KD191 million – an increase of 35%.As has been the case in previous months, the increase was driven by a rise in average transaction size; while the number of transactions have remained flat compared with last year, prices have risen by more than a third (36%).

The National Bank of Kuwait said the strength of sales in July holds true, even given July’s five weeks worth of sales.According to the bank, the commercial sector sales soared to its highest level of KD59 million this year.

“The commercial segment has been performing well this year, seeing large year-on-year gains in six out of seven months of data,” it said.

 

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