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Private housing business steadies -- report

Kuwait Finance House (KFH)
Kuwait Finance House (KFH)
KUWAIT, Aug 23 (KUNA) -- Stability of property deals and oil prices contributed to decline of the housing key index and checking inflation which edged up 1.4 percent in Q2 2017 as compared to Q2 2016, Kuwait Finance House said.
KFH said in a report, covering Q2 2017, inflation stood at 1.4 percent due to rise of its main components except for housing which dropped in Q2 by 2.3 percent on yearly basis.
In light of abundant housing units, availability of more land plots and construction permits, prices of private housing stabilized relatively in this year's first and second quarters.
Average price of a square meter in the private housing sector reached KD 700 (some USD 2,000). Likewise, rates in the investment and commercial sectors had a measure of stability.
Value of property transactions dropped in Q2 by 22 percent as compared to the same period last year, posting KD 518 million (some USD 1.7 billion).
Number of transactions reached 1,533 rising 21 percent. (end) fnk.rk