Kuwait property sales in July up 50% month-on-month

KUWAIT CITY: Deals are down both in terms of volume and value on 2007. (Getty Images)

July property sales in Kuwait jumped 50 percent by value from the previous month, amounting to 162 million dinars in 649 deals in July, official news agency KUNA said on Wednesday, quoting a report from the National Bank of Kuwait (NBK).

The report attributed the big increase to the number of residential units sold which grew by 82 percent while, the number of commercial and investment units sold in the month remained virtually unchanged, it added.

The average volume of sales in the sector in the first seven months of 2008, however was 25 percent down on the corresponding period of last year, according to the report.

The number of deals struck iin July was also 28 percent lower than in 2007, it said.

The scheduled loans of the Savings and Credit Bank grew by 3 percent in terms of volume and 9 percent in terms of value in July compared with the previous month figures.

The number of loans approved by the Savings and Credit Bank in July, 2008, rose to 479 from 378 in July, 2007. The report said that 61 percent of loans by value are for residential units.

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