With increasing number of expatriates being laid off in Kuwait, there is a marked dip being noticed in property sales. As per the latest report by Kuwait Times, around 50,000 properties for rental, remained vacant by the end of first half of this year.
The report said, sales of residential properties declined considerably, touching KD363million, the lowest ever since the second quarter of 2020. This is largely due to lesser property transactions.
The expatriates continue to face challenges that limit their spending, compelling some of them to leave Kuwait. Furthermore, there are restrictions on granting visit visas to expatriates, which has also led to increase in vacant apartments, the report said.
There has been an unprecedented fall in growth rates of expat population during first half of this year. In comparison to the past five years, the growth rate has fallen from 5 percent to nearly 1.8 percent.