Monday 3 August 2009

Kuwait property sales plunge 47%

Kuwaiti property sales plunged 47 per cent in the second-quarter compared to the year earlier period, as a result of the global financial crisis, official data showed on Sunday.

Property sales in the Gulf Arab state fell to 280.8 million dinars (Dh360m) from 529.1 million dinars in the second quarter last year, it showed.

“The economy is not growing and is decelerating, you have job destruction and job destruction would lead to higher population risk which will in turn add to the uncertainty on the real estate side,” said Saud Masud, a property and construction analyst at UBS in Dubai.

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2 comments:

  1. marhabahomeTuesday, August 04, 2009 6:17:00 am

    You are correct.Prices are reduced.Naturally sales too.It will improves once the world economy improves.

    ReplyDelete
  2. UnknownTuesday, August 04, 2009 1:38:00 pm

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    ReplyDelete

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