Latest News
- Lawyer Jailed In Blackmail For Cash
- Syrian Gets 10 Years For Impersonating An Official
- Four Get 5 Years Jail And A Fine In Visa Sale
- 600 Teachers From Jordan, Palestine To Arrive In Batches
- Exchange Companies In Kuwait Report A 56% Decline In Profits In...
- Card Issued To Individuals With Revoked Nationalities
- 1 Gigawatt Solar Project Underway In Kuwait
- Kuwait's Labor Market Sees Remarkable Growth As Indians Lead The...
- Kuwait Unveils Monumental Solar Energy Project For Renewable Ene...
- The Kuwaiti Workers Accounts For Just 15.6% Of Labor Market
- Kuwait's Population Reaches Five-million Milestone
- “By Pharmacists For Pharmacies”.. Kuwait's 1st Pharmaceutical Ad...
Salary Cuts And Jobs Lost Hit Real Estate In Kuwait
Real estate sources are expecting the prices of investment housing properties to decrease by 20% to 35%, and a possible drop in occupancy rates to about 50% in some areas due to the inevitable emigration of a large number of expats and the reduction of salaries.
The sources pointed out that many expats will lose their jobs as a result of activities stopped by their companies due to the corona pandemic or the loss of their jobs and a large portion of them will leave the country which will increase the supply of apartments and change the equation of rental prices.
The sources stated that the law on reducing salaries will push the tenants to search for apartments at lower prices which increases the supply of large apartments with high rent. The landlords will have to reduce rents to maintain the tenants in addition to that some companies have already begun to offer to tenants free one to two months stay in order to fill the vacant apartments.
The sources pointed out that salary cuts will hit the real estate sector first, specifically renting of apartments, the operation of which depends on the expats expected that real estate companies will also be affected, especially as real estate company need an anticipation period after the crisis, so that the picture becomes clearer in terms of price and returns indicators. Turnout.
Real estate sources expected that the properties of the isolated areas will
Trending News
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
-
AstraZeneca Admits Covid Vaccine Can Cause Rare Si...
29 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Al-Nuer Festival Celebrates Kuwaiti Agriculture Wi...
22 April 2024
-
Peak-time 'cut-offs' Raise Fears Of An Electricity...
22 April 2024
-
Gulf Electrical Interconnection Project Will Boost...
04 May 2024
-
Road Trip From Kuwait To Bahrain Via Saudi: Travel...
22 April 2024
Comments Post Comment