Kuwait property sales slide 35% in February

Kuwaiti property sales fell 35.2 per cent in February, the eleventh straight month of decline, official data showed earlier today. Property sales, especially for residential units, have been falling since the state restricted private firms from residential deals last year. Meanwhile, Gulf property markets are coming under pressure amid a global financial crisis that has brought to an end an economic boom in the oil-exporting region.

Residential property deals, which represent the biggest proportion of total property transactions, fell 52.59 per cent in the year to February to 45.81 million dinars (US$155m), according to the government data obtained by Reuters. Investment property sales fell 56.4 per cent in February to 20.48m dinars, while deals in property classified as commercial almost tripled to 34.88m dinars from 12.49m dinars a year earlier, the data showed.