Kuwait – Mubasher: Kuwait real estate sales totalled KWD 1.58 billion in the first eight months of 2016, falling by 26% compared to the same period of 2015, a report by the National Bank of Kuwait (NBK) said on Tuesday.

The residential sector recorded its highest activity since May 2016 with 220 transactions in August; rising 12% month-on-month. The value of sales also increased in August by 14% m-o-m to KWD 71.8 million.

However, the number of deals and sales value declined saw in August a year-on-year decline of 10% and 12% respectively.

The NBK residential home price index fell by 12.8% y-o-y and 3.4% m-o-m to 156.5 points in August.

The NBK residential home price index has been trending downward since the beginning of 2015, when it peaked at 186 points in January 2015.

Also, the NBK residential land price index registered 182.8 points in August, falling 8.1% y-o-y, but was unchanged for the second consecutive month.