Kuwait City: According to a number of real estate developers, the economic crisis has reversed the upward trend in rents that began following the 2008 crisis, due to demand from expatriates offset by restricted supply. According to Real Estate Union statistics, there were 381,000 units in 2018, 396.5 thousand units in 2019, and 397.7 thousand units in 2020, before declining to 396.1 thousand units in April 2021, while vacant units increased by about 20% between 2017 and 2021, implying that the rate in Kuwait was about 48.9 thousand apartments, which increased to 61,000 last year, at a rate of approximately 24.5 percent, and this increased in 2021 compared to 46,000 vacant apartments. With this large increase in the number of vacant units in Kuwait, many real estate owners were forced to reduce rents to maintain their tenants in light of the rapid changes that occurred in the market and led to the loss of the rental momentum that was in the past years.
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