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Sun 22 Mar 2015 01:25 PM

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Kuwait to establish new entity to set fair rents

An administrative body will be established to set rents in a bid to prevent prices from rising - report

Kuwait to establish new entity to set fair rents
Kuwait

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.

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