Rents in Kuwait vary based on distinct factors and different areas

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KUWAIT CITY, Dec 29: The Kuwait Finance House “KFH” report said that the rental values ​​among residential areas in Kuwait vary according to distinct factors and different areas, indicating that the third quarter of 2023 witnessed an uneven change in most areas on an annual basis, and in light of the limited decline in private housing prices, a decrease is observed. A slight increase in the rental value of some locations in this category of properties, reports Al-Anba daily.

The report indicated stability in prices elsewhere in private housing areas, and that waiting for the allocation of housing requests encouraged the tendency of a large segment of citizens to rent private housing, which led to an increase in its supply, in light of the demand for areas close to workplaces and shopping, which stimulated tenants’ demand for renting private housing..

The average rental value for the second floor, 3 rooms and a living room, with an area of ​​135 square meters, at the governorate level, in a private housing building with an area of ​​400 square meters, stabilized at 482 dinars at the end of the third quarter, without change from the second quarter, while it decreased by 0.4% on an annual basis.

The average in the Capital Governorate reached 570 dinars, a decrease of about 0.8% at the end of the third quarter, after recording an increase last year, reaching 11% in the third quarter of 2022, and in the Hawalli Governorate it reached 516 dinars. . , an annual decrease of 0.7%.

In the Farwaniya Governorate, there was no quarterly change, recording 397 dinars, while it is higher by 1.9% on an annual basis, and in Mubarak Al-Kabeer Governorate, the average rental value is 437 dinars for the same area, with an annual increase of 0.8%. The average rental value in Al Ahmadi is 375 dinars, unchanged on a quarterly or annual basis.

The rental value for the entire ground floor of a private residential property reached an area of ​​400 square meters. The average rental value for this category at the governorate level was 890 dinars, with a slight annual increase of 0.1% at the end of the third quarter of 2023.

In the Capital Governorate, it reached around 1,045 dinars, without change on an annual basis. While the average rental value in the governorate reaches 953 dinars, an increase of 1.4% on an annual basis, and in the Farwaniya governorate it is 736 dinars, an annual decrease of 2.3%. 

The average rental value for the first full floor or the second floor in private housing properties with an area of ​​400 square meters at the governorate level was 790 dinars, without a quarterly change, while it is considered a slight decrease of 0.6% on an annual basis.

In the Capital Governorate, the rental value was around 945 dinars, down 1% on an annual basis.

Rents were recorded in the highest areas, as in Adailiya, at 1,100 dinars and in Al Rawdah at 1,000 dinars, while rents in the lowest areas of the governorate, as in Granada, reached 800 dinars, and in Sulaibikhat, the average rental value reached 600 dinars, with no annual change, and in Hawalli Governorate, the average rental value reached 853 dinars, an annual decrease of 0.6%.

At the investment property level, KFH’s report stated that the average rental value of a two-bedroom apartment with an area of ​​60 square meters at the governorate level reaches 285 dinars by the end of the third quarter of 2023, without a quarterly change, while it increased by 2.3% on an annual basis. .

The rates of increase in the average rental value varied between regions and governorates. In the Capital Governorate, the average rent recorded 313 dinars, without a quarterly change, and rising by 4% on an annual basis, with most of the investment areas in the governorate, including Dasman areas, increasing by 5% and Bneid Al-Qar by about 1.6% on an annual basis.

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