Kuwait – Mubasher: Sales of the real estate sector in Kuwait declined by 25% year-on-year to reach KWD 1.45 billion from the beginning of 2016 until mid-summer, according to a report issued by the National Bank of Kuwait (NBK).
In July, the real estate sector saw the lowest level of sales in four years, NBK’s report said, adding that housing prices in July were in line with the gradual fall started in 2015.
NBK index for residential houses dropped 10.9% on an annual basis to reach 163.6 points in July.
Sales of the investment real estate sector fell to reach KWD 61 million in July, while sales of the commercial real estate sector shrank 34.7% on an annual basis to KWD 20.4 million, the report noted.
