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Kuwait sees harsh increase in vacant flats
(MENAFN) Kuwait was revealed in a study to be facing a real estate crisis, with over 75,000 apartments remain vacant.
Kuwait is stuck at the moment with 49,130 vacant apartments, with another 26,466 being currently built, Kuwait Real-Estate Union secretary general Ahmad Al Dewaihees noted.
During a news conference, the official declared an 8.2 percent decline in occupied flats, reaching 86.8 percent over the past five years from 95 percent.
According to the union's "Al Murshed 2017" report, a 13.2 percent decrease has been seen in average monthly rent, reaching KD242 from KD278.9.
Kuwait is stuck at the moment with 49,130 vacant apartments, with another 26,466 being currently built, Kuwait Real-Estate Union secretary general Ahmad Al Dewaihees noted.
During a news conference, the official declared an 8.2 percent decline in occupied flats, reaching 86.8 percent over the past five years from 95 percent.
According to the union's "Al Murshed 2017" report, a 13.2 percent decrease has been seen in average monthly rent, reaching KD242 from KD278.9.
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