Thursday , September 20 2018

More empty apartment flats in Kuwait as expatriates dwindle

Factories to be obliged to conduct environmental studies: EPA

Ahmad Al-Dewaihees

KUWAIT CITY, May 5, (KUNA): There are currently 49,130 empty apartment flats in Kuwait and Economics and 26,466 others under construction, thus more than 75,000 units need to be “absorbed” by the domestic property market in 4-5 years, according to Kuwait Real-Estate Union.

Proportion of the property units’ occupation amounted in the current year to 86.8 percent, dropping by 8.2 percent as compared to the past five years — which had soared to 95 percent, said Ahmad Al-Dewaihees, the union secretary general at a news conference.

Average monthly rent dropped from KD 278.9 (approximately $920.3) to KD 242 ($798.6), by 13.2 percent, said Al-Dewaihees, citing a report prepared by the union, “Al-Murshed 2017).”

The report included a survey covering a sample of 162.576 apartment flats in 5,695 plots, at 19 locations. It studied 875 plots, including 26,466 underconstruction residential units in all districts, in addition to 13,535 built ones, where proportion of new units amounted to 6.6 percent of the promoted plots.

Proportion of the expatriates’ populace growth, which reached 4.8 percent over the past five years, dropped by two percent in 2017 and would fall by 1.5 percent in the coming five years. As to ownership flats, transactions exceeded 1,000 in 2007 and 2008. Following the global economic crisis, they ebbed by 2012. However, the market recovered, with 973 transactions in 2015 and dropped to 671 in 2017.

 

Director General of Environment Public Authority (EPA) Sheikh Abdullah Al-Ahmad revealed that EPA is on the verge of mandating some governmental bodies to build treatment plants for protecting land and marine environment, reports Al-Qabas daily. In a televised interview, he said factories will be obliged to conduct environmental studies before taking any moves to expand factories.

Sheikh Abdullah disclosed about a plan to close down Shuwaikh Port and nearby electricity stations due to their negative impact on the marine environment in Kuwait Bay, indicating that the closure will happen after Mubarak Al-Kabeer Port in north of Kuwait is opened. He stressed that at least one year is needed to transfer the used tyres in Arihiya area to a new location.

Sheikh Abdullah explained that the main reason behind the delay is the number of tyres at the location, as there are nearly 24 million used tyres dumped there. Three companies are currently involved in breaking down and transferring the tyres to the new location under the supervision of EPA.

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