Capital Governorate and Hawalli Top List for High Rent on 3-Bedroom Units

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KUWAIT CITY, May 29: KFH’s real estate report for the first quarter of 2024 reveals that occupation rates for all types of investment properties have remained stable, ranging between 87% and 90%, reports Al-Rai daily. Private Housing Rental Trends Regarding private housing rents, the report highlights variations across residential areas due to differing levels of distinction and area size. In the first quarter of 2024, these rents experienced mixed changes annually.

Despite a slight decline in private housing prices, rental values decreased slightly in some locations while remaining stable in others. The strong demand for housing near workplaces and shopping areas, driven by citizens awaiting housing allocations, has increased rental supply. For a typical three-bedroom, four-bathroom unit with a maid’s room in a private housing building (135 sqm within a 400 sqm property), the average rent was 482 dinars at the end of Q1 2024, unchanged from Q4 2023. The Capital Governorate saw an average rent of 570 dinars, stable annually.

In “Hawalli,” rents were 516 dinars, up 0.6% annually; in “Farwaniya,” 396 dinars, down 1.4%; in “Mubarak Al- Kabeer,” 436 dinars, down 0.2%; in “Al- Ahmadi,” 375 dinars, unchanged; and in “Jahra,” 345 dinars, down 0.7%.

Investment Property Rentals The report notes that the average rent for a two-bedroom apartment (60 sqm) at the governorate level was 285 dinars at the end of Q1 2024, stable quarterly but up 2.4% annually.
Increases varied by region: the Capital Governorate averaged 313 dinars (up 4% annually), “Hawally” 306 dinars (up 3.4%), “Farwaniya” 279 dinars (up 1.6%), “Al-Ahmadi” 244 dinars (up 0.8%), “Mubarak Al- Kabeer” 300 dinars (up 1.7%), and “Jahra” 273 dinars (up 0.9%). Commercial Property Rentals For commercial properties, the average rental value per square meter for the Wednesground floor was 23.6 dinars at the end of Q1 2024, unchanged quarterly and annually.

In Kuwait City (Capital Governorate), the average was 29 dinars per square meter, stable both quarterly and annually.

Hawalli region averaged 26 dinars, Salmiya 28 dinars, Farwaniya 29 dinars, and Khaitan 25 dinars by the end of Q1 2024.

Industrial Property Rentals In the Shuwaikh Industrial Area, the average rental price per square meter in the basement rose to 4.8 dinars by the end of Q1 2024, with ground floor prices at 25.5 dinars. In Al-Rai, basement rents averaged 4 dinars and ground floor rents 26 dinars.

In Al-Ardiya (warehouses), basement rents were 3.5 dinars and ground floor 7 dinars. In Al-Ardiya (Al-Harfiyah), basement rents were 7 dinars and ground floor 24 dinars. In East Ahmadi, basement rents averaged 2.5 dinars and ground floor 15 dinars. In Fahaheel Industrial City, basement rents were 3 dinars and ground floor rents reached 21 dinars by the end of Q1 2024. The report underscores the varying rental prices based on location, features, and area size.

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