Exodus of Kuwait Expatriates likely to hit real estate sector
The real estate market in Kuwait has been serious affected due to the departure of expatriates, the Secretary of Kuwait Real Estate Association, Qais Al-Ghanem is reported to having affirmed.
Al-Ghanem pointed out that they had warned about such a crisis last year, and that the exodus of expatriates is likely to increase by June 2018, as they are either in search of better opportunities in other destinaitons, or are choosing to return to their countries of origin.
He further explained that the recent pressures imposed on expats have resulted in large number of vacant flats, particularly in the investment residential sector.
Expatriates in Kuwait are considering sending their families back to their countries of origin. However, they are keeping their residency valid, and opting to remain in Kuwait as bachelors. But, such a trend will further worsen the current situation in real estate sector, and the rents are likely to drop further, once the decision pertaining to expats are announced.