If they would drop rents to make it actually liveable here, the apartments would be filled. I pay the equivalent of a 4 bedroom house mortgage in the US every month for something that I will never own - and hey, may be kicked out of at whim because the tenancy laws are not enforced and decent people like me are terrorized by land owners with ZERO repercussion.
Kuwait! Be like Bahrain. You know: That little island down the way. Bahrain is allowing foreigners (that's right EXPATS) to buy apartments and with that you get a visa for you and 3 family members for 99 years. Their economy is picking up. Expats are (get this, Kuwait) HAPPY.
So let me get this right: Citizens are BMCing about a housing shortage and meanwhile these apartments are sitting empty? Aint that a thang. Why? Because even Kuwaitis can't afford to live in many of these apartments. And even if they can, investment companies are building apartments that are SO TINY that normal sized human beings (and their children) can't live in them. I've seen apartments that are so small that I could only fit my bed in the living room. Greed. Greed. Greed.
Kuwait would rather kick itself in the head repeatedly than to better its own economy.
31 May 2017
Number of empty apartments increases from 20,000 to 37,000
KUWAIT CITY, May 30: With the fast-approaching summer and holiday seasons, the number of empty investment apartments in most parts of the country has been skyrocketing.
Statistics reveal that this number, since the beginning of the year, has increased by 17,000 and many new buildings will enter the market shortly. According to sources, the number of empty apartments increased from 20,000 to 37,000 after a huge number of expatriate workers decided to send their families back to their countries.
Many residential buildings are hunting for tenants, as owners are losing revenues. One of the main reasons behind this problem is the supply of residential apartments is much higher than the demand.
The monthly rent of a normal apartment does not cost less than KD 300, a cost not befitting the pockets of majority of expatriates currently.
The sources revealed that the investment sector witnessed a rapid growth in the past two years. According to data from PACI, there are more than 13,000 investment residential buildings in Kuwait, a number that is deemed big in the local market.
The sources indicated that they are expecting more 10,000 residential apartments throughout the country to enter the market during the second half of the year
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So let me get this right? Citizens are BMCing about a housing shortage and meanwhile these apartments are sitting empty? Aint that a thang.