Kuwait – Mubasher: The sales of the real estate sector in Kuwait shrank by 10% to about KWD 672 million during the first quarter of 2017, compared to the same quarter of 2016, according to a recent report issued by Kuwait International Bank (KIB).

The transactions of the property sector declined by 4% in Q1-17, compared to the fourth quarter of 2016, KIB’s report added.

In March, sales of the real estate segment recorded the highest level since November 2015, on the back of residential transactions at a total value of KWD 49 million.

Meanwhile, the commercial real estate sector posted a drop of 69% in sales to a value of KWD 77 million during Q1-17, compared to Q4-16, the report noted.