‘House rent getting beyond reach of common man’
KUWAIT CITY, Dec 2: The caretakers of some residential buildings bemoan the vacant apartments which remain unoccupied for almost months because the owners of real estate demand high rents which do not run parallel to the decline in demand at a time when many tenants have complained of high rents and increase in electricity costs, reports Al-Anba daily.
To know more about the real estate market and latest developments in the investment sector, the daily conducted a field tour and met a number of tenants and real estate guards to find out why there are a large number of vacant apartments in Kuwait.
The daily discovered many factors have affected the investment sector in the recent period, most notably the modern buildings with small areas and poor finishing, which has become a trend among owners in the recent period.
They said the expatriates sharing apartments because the income does not permit them due to the high rents and this negatively affected this sector. At the beginning, one of the tenants said the street in which he lives in Hawalli has many vacant apartments and that rents have decreased by 15% to 20% in the building he lives in this year.
He attributed these reasons to the fact that there are many families who share apartments instead of living alone in small areas because they cannot afford the monthly rent, which ranges between 250 dinars and 350 dinars for a two-bedroom apartment and a very small hall. He added the new buildings do not meet the demand of tenants because of its small size and poor finishing compared to the high rent, as many of the rooms are so small that they cannot accommodate a family.