APARTMENTS ARE 84.6 PERCENT OCCUPIED ; 'SALMIYA IS OVERRUN WITH EXPATS'

  • 03/04/2022

Kuwait City: As of the end of 2021, the total number of investment properties in Kuwait stood at 12,994. These include 396,000 apartments, 61,000 of which are empty, resulting in an 84.6 percent occupancy rate on average. According to a Real Estate Union survey, Salmiya is the most densely populated neighbourhood in Kuwait in terms of investment real estate concentration, with a total of 2,911 investment buildings. 


This means that Salmiya is the most densely populated by expatriates. Hawally comes in second with 1,811 buildings. Jleeb Al-Shuyoukh neighbourhood comes in third with 1,181 investment homes, Farwaniya comes in fourth with 1,152, and Khaitan comes in fifth with 882. Mahboula finished in sixth place with 799 buildings, followed by Mangaf (743), Fahaheel (578), Jabriya (511), and Jahra (439). Abu Halifa was placed 11th with 359 buildings, followed by Sabah Al-Salem (315), Sharq (313), Fintas 305, Riggae 254, Bneid Al-Gar 198, Shaab 131, Mirqab 71, and Qibla 41. In terms of the average monthly rent for all types of apartments, Dasman came at the top of the list with an average monthly rent of about KD 1,081, followed by Shaab with KD 512, then Sharq with KD 464, Jabriya with KD 352, Sabah Al-Salem with KD 338, and then Salmiya in the sixth place with KD 327. As for the areas with the lowest average monthly rent, Jleeb Al-Shuyoukh and Khaitan ranked first with an average of KD 210, followed by Abu Halifa with KD 240, and Farwaniya with KD 244. 

According to a previous Real Estate Union survey, the occupancy rate of investment apartments in Kuwait is 84.6 percent in 2021, with around 335,100 apartments. Because of the additional supply that will enter the market, occupancy rates are predicted to fall to 82 percent in 2022. The average rent rate in 2024 is expected to revert to the level of 2020, but it will remain lower than the level of 2019. According to the report, average rental values in 2019 reached KD 4.5 per square metre, and KD 4.4 per square metre in 2021. One of the most important variables influencing rental values is the fall in the number of expats.

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