Increasing Expenses Of Expats Affect The Real Estate Sector
The increasing negative attitude of some MPs concerning expatriates in terms of increasing their expenses will affect the real-estate sector of the country very badly especially the investment and commercial segments, local media reported quoting officials of Real-Estate Group.
Head of the Real Estate Brokers Association Abdulrahman Al-Habib indicated that the negative impact on the entire real-estate sector especially the investment segment will be massive if the recent statements issued against expatriates are transformed into decisions.
Real-Estate Group Bader Al-Shabib said that he is expecting the rents of flats in Kuwait to be reduced by about 13 percent this year, indicating that many expatriates have already taken steps to send their families to their countries.
As per report, 90 percent of the flats in Kuwait are rented out to expatriates. Any actions that could lead to departure of large number of expatriates will result in evacuation of a huge number of flats in the country.