For the first time in many years, some owners of investment buildings in Hawalli and Salmiya area are reducing their rent to as low as KD 300 and below.
Two bedroom flats are mostly new but are now bwing rented out to KD 280 while 3 bedroom flats now cost KD 400. This decision came after the owners admittedly said they can no longer keep up with the losses brought about by the slump on real estate.
In some related news, an investment group has purchased more than 4 buildings for almost KD 6 million, reflecting the current situation of the real estate market.
The cost cut on rent price is good news for expats living in Hawalli and Salmiya area and are in need to change flats for necessary reasons.