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Mudon predicts High Average Rent of Offices in Kuwait by 2.6 % in 2024.

Nov 20 , 2023

Mudon group predicts high average rent of administrative offices in Capital, Hawalli and Jahraa governorates in the coming year, ranging from 1.3% and 2% compared to the current year. The group mentions in a specialized report on the performance of administrative properties and its expectations during the coming period that the average monthly rental rate per square meter for the offices reaches between 6 dinars per sq m in Jahraa Governorate as a minimum and 14 dinars per sq m in Capital Governorate as a maximum. The report also shows that the average rental rate per square meter of offices in Capital Governorate increased by 300 Fils per square meter in 2023 to be 8.11 dinars per sq m, with the expectations of the rental rate will continue to rise by 3.1% to be 9.11 dinars per sq m in 2024. The report states that it’s expected that Hawalli Governorate will have the highest average rental rate per sq m in 2024 by 2%, to be increased from 3.10 dinars to 5.10 dinars per sqm, Capital Governorate has been listed in the second place with an average rate of 3.1% and Jahraa Governorate has been listed in third place with an average rate of 8.0%, with an average rent rate of 2.9 dinars per sqm in 2024. The CEO of the group, Engineer / Omar Najm, demonstrated that the growth in demand for renting offices and administrative real estate in Kuwait depends on some factors, notably the following: ·Efforts to diversify sources of income along side the oil sector and encourage non-oil sectors to grow and expand. ·Efforts to encourage private investment, Domestic and foreign, and enhance the investment and business environment generally, which accordingly promotes the establishment of more companies.

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