Owners of some Salmiya, Hawalli buildings cut rent

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KUWAIT CITY, Dec 28: Owners of some investment buildings in Salmiya and Hawalli areas have started reducing their rent and two-bedroom flat— for the first time in many years, has gone down to KD 300 and below, reports Arab Times daily.

Lute The daily quoting sources pointed out that most of the buildings are new and their owners have agreed with real estate agents to rent two-bedroom flats for KD 280 in Salmiya area.

They added the rent of three-bedroom flats also dropped to KD 400 and below in areas like Fintas after jumping down from KD 420 to KD 390. They added that marketing of investment flats became so difficult that some real estate agents decided to relinquish their commission in order to manage the buildings.

They stressed an investment group sealed a deal to purchase five investment buildings for KD 6 million and this reflects the current condition of real estate market. He added that minor investors are willing to dispose of their buildings because they can’t bear the losses for a long time, and they look forward to quick gains while major investors — on the contrary, are prepared to take the risk of purchasing more buildings to their advantage.

This news has been read 6663 times!