Recently I was checking out the current rents in salmiya for a two bedroom to flat and found that rents are gone down drastically. If you look around in salmiya you will find a lot of apartments have the for rent board attached to them.
The recession and the job cuts have increased the number of expat residents leaving Kuwait. This leads to the situation that you have enough supply but less demand. Another scenario is that people are afraid of their own job security are not looking out for changing the apartment as they do not want to spend money on changing the apartment.
In my building where a 3 bedroom apartment which was costing around 300 KD 6 months back is now available for 270KD. Even at the reduced price, there are no takers for the apartment and many of the apartments are left vacant for months. Even though the new flats are quoted at 240, on a real bargain it goes as low as 220 KD. more...
