Mubasher: Property sales in Kuwait grew 11% year-on-year in May, according to a report released on Saturday by Kuwait International Bank (KIB).

Sales in the GCC country’s recorded KWD 341 million ($1.123 billion) last month.

The number of property transactions reached 602 in May, 22% up from the year-ago period.

The residential segment accounted for 31% of total sales followed by the investment segment, which made up 28% of property sales in Kuwait, KIB’s data showed.

Property sales in Kuwait registered KWD 1.6 billion ($5.27 billion) from January to the end of May, up 8% from the year before.