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MPs propose law to control soaring rents
March 22, 2015, 11:41 am
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In a practical move to curb the artificial rise in rent, several members of parliament are working on a proposed law to control the rents, local daily reported. Kuwait will establish an administrative body to set property rents in a bid to avoid extraordinary price rises, an Arabic daily 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. The sources added that the body will solve a lot of problems regarding the issue.

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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