Proposal soon to determine ‘rents’ according to per square meter: sources

This news has been read 7762 times!

KUWAIT CITY, March 21: The real estate sector at the Ministry of Commerce and Industry has formed a committee to review the Leases Act and accordingly amend some of the old provisions to bring them in line with the current situation at a time when rents have risen unchecked without taking into consideration the condition or the geographic location of the building, reports Al-Shahed daily quoting reliable sources.

The sources said a proposal will be submitted soon to determine rents according to per square meter — two dinars per square meter for housing in the Capital Governorate, KD 1.5 in Hawally, KD 1.250 in Farwaniya and 500 fils in Ahmadi and Jahra.

The proposal also states 35 percent will be added to the total rent value (based on square meter) to new buildings that have been built or rebuilt not more than three years ago and 25 percent to residential houses overlooking the seashore or those which are not more than 500 meters far from there, 10 percent of the basic rent shall be added to houses overlooking directly the main streets

This news has been read 7762 times!