Proposal soon to determine ‘rents’ according to per square
meter
Arab Times
March 22, 2016
KUWAIT CITY, March 21: The real estate sector at the
Ministry of Commerce and Industry has formed a committee to review the Leases
Act and accordingly amend some of the old provisions to bring them in line with
the current situation at a time when rents have risen unchecked without taking
into consideration the condition or the geographic location of the building,
reports Al-Shahed daily quoting reliable sources.
The sources said a proposal will be submitted soon to
determine rents according to per square meter — two dinars per square meter for
housing in the Capital Governorate, KD 1.5 in Hawally, KD 1.250 in Farwaniya
and 500 fils in Ahmadi and Jahra.
The proposal also states 35 percent will be added to the
total rent value (based on square meter) to new buildings that have been built
or rebuilt not more than three years ago and 25 percent to residential houses
overlooking the seashore or those which are not more than 500 meters far from
there, 10 percent of the basic rent shall be added to houses overlooking
directly the main streets.
Oh! I need to start measuring! haha, but from experience I know that all the great ideas get stuck in the loop while the crazy ones somehow get through and are implemented.
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