Wednesday, May 31, 2017

Kuwait: Number of empty apartments increases from 20,000 to 37,000

I'm sorry to laugh at this but hahahahahahaha.  Greedy bastards.

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.

Arab Times
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.


xmido said...

I already applied for immigration. I am leaving this country. Why should I settle for living like get this "expat" when I get a citizenship and full rights in any western country. I used to love Kuwait. I really did. But there is a point that enough is enough. So I don't love Kuwait anymore. Its probably one of the most racist countries I have seen. I would be glad to leave and I will never look back. Thanks for nothing. I lived here most of my life. To be honest, it is not worth it.

Sonia George said...

I know !! I too laughed at this. Firstly the rents are too high and greedier than the owners are the building caretakers (Harris) who blindly asks for a months rent when you move into a new flat. Like seriously??! Neways i am glad. Ppl here should learn a lesson and this is the repercussion of their action.

H said...

A rant from a Kuwaiti as well. Buying property from Kuwait is only for the moneyed!

You have to pay upfront for it all or pay half and finish rest of the payments in before the building is complete. How will someone with or without a family come up with those amounts while paying rent too?

If payment terms weren't so ridiculous, I bet more Kuwaitis would buy property rather than wait for govt housing. Even if the market were open to expats only a few would invest given the current payment terms.

Desert Girl said...

H - I totally agree. I have lots of Kuwaiti friends who are suffering from the same problems. Even the people who own homes are re-designing so that they can build investment apartments within their villas to have an income from them. The land in Kuwait is 70% of your home building investment and the construction is 30%. In most countries, it is the opposite. It is really getting difficult for many people to live comfortably.

To the rude person under the name of "Ocean Desert Tribe": I don't publish hate mail (please feel free to read my disclaimer). Take it somewhere else that entertains that form of racism. I don't. Have a great day and Inshallah all your hatred will turn to love - especially during this holy month of Ramadan.

Desert Girl said...

Hi Faisal,

You probably shouldn't start your comments with an insult because you come off sounding like an asshole (in which case I won't post your comments).

My perspective as an EXPAT not your Bahraini cousins - which I am sooooo sorry are having a problem living in Bahrain. Not my broblem.

Have a great day.

Desert Girl said...

Dear Bu Ghazi (Faisal),

Thank you for your continued interest in my blog. In response to your hate mail: "Go back to your country" is an appropriate response for those with nothing better to say (yawn). "Fuck You": Unfortunately, I only date humans and regardless, I believe you to be far below my intelligence or perhaps age requirements.

I was fighting for Kuwait and my friend here when you were probably in diapers so I don't really have to quantify my right to be here or to share my thoughts.

Have a great day!

Desert Girl said...

Can I make a statement of explanation here?

Calling me a "bitch" is a form of compliment where I come from.

Completely unlike the Arabic term of the word (which means "whore" - and if you are going to call a someone a whore, use the word "whore" in English so at least we understand the insult. And yes, it would probably have applied in my teenaged years, but bygones. No longer applies to be completely honest.)

"Bitch" in 'murica usually means an aggressive/overly assertive or possibly even ass-holy woman. I'm fine with that. I can go from zero to (American) bitch in 30 seconds. My friends will tell you it's true. I'm an Aries. It's what we do.

Thank you for your understanding.