Kuwait said yesterday it would investigate a jump in prices of real estate and land plots after an increase in housing costs in July raised worries of fuelling inflation.
Trade & Industry Minister Falah Fahd al-Hajeri told state news agency KUNA 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 4.08% the previous month, according to government data obtained by Reuters on Sept 5.
National Bank of Kuwait, the country's biggest bank, said in a research report that real estate sales jumped by 87% to 459.7 million dinars ($1.64 billion) in July from the previous month.
|
