More than 75,000 apartments in Kuwait are empty and need to be sold within 4 to 5 years.
According to secretary general at the Kuwait Real Estate Union, Ahmad Al-Dewaihees, at present, there are 49,130 vacant apartments and another 26,466 are under construction in Kuwait. Over the past five years, the share of exploited apartments fell by 8.2%, from 95% to 86.8%, according to Gulf News.
The average rent has decreased by 13.2%, from $930 to $800 per month. The situation is likely to be exacerbated, as the number of foreigners who are the main tenants in Kuwait has declined due to higher costs and pressure from the authorities on local companies.
Foreigners make up about two-thirds of the total population of Kuwait in 4.5 million people. According to the study, the foreign population, which has increased by 4.8% over the past five years, fell by 2% in 2017.