Mubasher: The real estate sector in Kuwait posted a decline of 17% in sales to KWD 590 million during the first quarter of 2017 as compared to the same period in the prior year, according to a report issued by the National Bank of Kuwait (NBK).

In March, the sales increased by 9% to KWD 255 million as compared to March 2016, on the back of the residential segment which registered KWD 175 million worth sales in March, NBK’s report said.

NBK’s index of residential houses edged down 0.6 points to reach 150.9 points in March.

The sales of the investment real estate sector declined by 27% on an annual basis to stand at KWD 60 million in March, the report added.

NBK’s report said that the commercial sector reported a drop of 56% in sales to KWD 77 million in Q1-17 when compared to the same quarter of 2016.

In March, the commercial sector posted KWD 20 million worth sales.