Kuwait to establish new entity to set fair rents
Sunday, 22 March 2015 1:25 PM
Arabian Business (www.arabianbusiness.com)
Kuwait will establish an administrative body to set property rents in a bid to avoid extraordinary price rises, Arabic daily Al Anbaa has reported.
Landlords would be required to lodge their vacant property with the body, who would set rents according to criteria including the area, type of property, age and services, Al Anbaa said.
Rents have been rising well above inflation in the past two years, with thousands of new foreigners arriving in the Gulf state but little real estate development.
The influx of people also has affected traffic in Kuwait City and put extreme pressure on health services.
Most Kuwaitis are entitled to government housing but there is a long waiting list. Last year, local media reported the wait was up to 20 years due to a lack of available homes.
I posted my comments on my FB site, but for those of you who are boycotting FB, here ya go:
Yes yes, this is another committee being set up to discuss a problem. BUT - at least they have started to discuss it. You know - admitting you have a problem is the first step to solving it.
What I think Kuwait should first do is to:
- Allow public access to names of landlords with tenants filing their rent through the Kuwait court system.
- Then, the Government should fine repeat offenders.
- And finally, should they continue to have violations, the Government shouldn't allow them to rent anymore for a period of time (maybe a year?).
The renters court is a free service from the Government. Make the cheating landlords PAY; collect revenue for the country! For example, if I should have to pay a lawyer to file a case against my landlord who is threatening me in some way and he/she is found to be guilty of that (by the court), why should I have to pay for the case?
Next, I completely agree with this proposed entity/eventual law. There is an enormous lack of housing in Kuwait and exorbitant prices aren't helping anyone. Maybe if we were in another country where people could OWN property, they wouldn't have to set a rental cap because people would have a choice. There is no choice here.
In Kuwait, you pay rent; at amounts that are equal to (if not more than) a mortgage payment for a pretty nice home in your own country; only for the landlord to raise the rent prior to the completion of your lease. You are also threatened and subjected to emotional duress (and this is in the "sanctuary" of your living space, right?). And this all inside a residence that (again) YOU are paying for. Often times by people who look down their noses at other local nationals as if they were lower-class, and less ethical than them. Pot/kettle.