KUWAIT CITY, May 30: With the fast-approaching summer and holiday seasons, the number of empty investment apartments in most parts of the country has been skyrocketing.
Statistics reveal that this number, since the beginning of the year, has increased by 17,000 and many new buildings will enter the market shortly. According to sources, the number of empty apartments increased from 20,000 to 37,000 after a huge number of expatriate workers decided to send their families back to their countries.
Many residential buildings are hunting for tenants, as owners are losing revenues. One of the main reasons behind this problem is the supply of residential apartments is much higher than the demand.
The monthly rent of a normal apartment does not cost less than KD 300, a cost not befitting the pockets of majority of expatriates currently.
The sources revealed that the investment sector witnessed a rapid growth in the past two years. According to data from PACI, there are more than 13,000 investment residential buildings in Kuwait, a number that is deemed big in the local market.
The sources indicated that they are expecting more 10,000 residential apartments throughout the country to enter the market during the second half of the year