Flat Rents Falling In Most Places Of Kuwait

Executive Chairman of Ayan Real Estate Company Ibrahim Al-Awadhi affirmed that the rents have clearly fallen in most places of Kuwait. He revealed that the rent of a flat with two bedrooms and two bathrooms in Salmiya area has reduced to KD 300 per month and to KD 270 per month in Hawally area.

Al-Awadhi agreed that the coming summer season will witness increase in the number of vacant flats and decrease in demand, indicating that the building owners will sooner or later be obligated to reduce the rents in order to avoid mass losses.

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In addition, real estate expert Abdulaziz Al-Dughaisem disclosed that the rents have reduced by 20-25 percent especially for the recently constructed flats that have several major shortcomings such as small spaces and lack of services such as car parks and maintenance. He stressed that 60 percent of the recently constructed flats are very bad such that some of them are referred to as “like flats”, which will be difficult to rent out in the coming period.

 

SOURCE : ARABTIMES

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