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House rent gone down by 5-10 pct in some areas: expert – Size, location of buildings determine rent rate

KUWAIT CITY, April 1: Real estate expert Suleiman Al-Dulaijan disclosed that house rent in Kuwait in general has gone down by 5-10 percent, subsequent to 30 percent reduction in rent fees at some residential areas last year, while many areas like Abu Fatira and Mahboula witnessed minor increase in that regard, reports Al-Seyassah daily.

Al-Dulaijan noticed the investment buildings have a close link with revenues of the banks, as well as demand, supply and many other factors. He also observed that size, description, the location of buildings and fittings are all major factors that determine the rent rate. He reiterated that rents are still below 10 percent and the commercial buildings are affected by government’s expenses, whereby the situation changes with the reduction in expenditure.

He stressed the majority of investors now prefer to invest in restaurants, coffee shops and café joints, as they are more suitable for the current economic situation. He denied the claim that prices of property have been falling drastically, and said “there is no point to consider rumors, but objectivity with caution is necessary”.

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