Vacant buildings in Kuwait drop to 8.4% in June 2024

• At the end of June this year, the number of building units in Kuwait was approximately 786,800, up from 778,200 at the end of June 2023, marking a 1.2% increase.

• The total number of buildings in Kuwait reached approximately 219,600 by the end of June this year, up from about 216,300 a year earlier.

• Most buildings in Kuwait are residential, with about 66.6% designated for housing, followed by those used for both housing and work, and those used for work only.

According to the weekly report by Al-Shall Financial Consulting Company, the total number of buildings in Kuwait reached approximately 219,600 by the end of June 2024, up from about 216,300 a year earlier, according to the latest edition of the Public Authority for Civil Information’s guide to buildings and real estate units. This represents a 1.5% growth rate over twelve months, slightly lower than the 1.6% increase recorded from June 2022 to June 2023, as reported by Al Jarida newspaper.

At the end of June 2024, the number of building units in Kuwait was approximately 786,800, up from 778,200 at the end of June 2023, marking a 1.2% increase.

The compound annual growth rate of units from June 2015 to June 2024 was about 1.9%, whereas the compound growth rate for the number of buildings during the same period was lower at 1.2%. This indicates a continued reduction in the area of units within each building, reflecting ongoing changes in demand patterns.

Most buildings in Kuwait are residential, with about 66.6% designated for housing, followed by those used for both housing and work, and those used for work only.

The percentage of vacant buildings decreased to about 8.4% in June 2024, or roughly 18,400 out of 219,600 buildings, compared to 8.8% or 19,100 out of 216,300 buildings at the end of June 2023, according to the Public Authority for Civil Information.

Apartments make up the largest share of building units at 45.3%, followed by houses at 21.8%, and shops at 20.1%. The compound growth rates from June 2015 to June 2024 were about 3.4% for shops, 1.7% for apartments, and 1.4% for houses, while annexes saw a decrease of about -0.9%.

The percentage of vacant units also decreased to about 20.1% in June 2024 from 21.5% at the end of June 2023, according to estimates from the Public Authority for Civil Information.