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Kuwait to probe real estate, land price rises
Real estate news By Business Intelligence Middle East
24 September 2007
KUWAIT. Kuwait said it would investigate a jump in prices of real estate and land plots after housing costs jumped in July and raised worries of fuelling inflation. Trade and Industry Minister Falah Fahd Al-Hajeri told state news agency KUNA on Sunday the government was surprised about the rise and would form a committee to investigate the reasons behind it.
He said he wanted prices to go back to levels appropriate for citizens' income, adding that a lack of land plots was one of the reasons for the increases.
Inflation in Kuwait came off 12 year highs in June as food price rises eased but housing prices accelerated to 7.1%, compared with 4.1% the previous month, according to government data. National Bank of Kuwait, the country's biggest bank, said in a research report that real estate sales jumped by 87% to KWD 459.7 million (US$1.64 billion) in July from the previous month.
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