Expatriates being laid off increased the number of vacant apartments in Kuwait, which led to a drop in property sales. Kuwait Times reports that around 50,000 rental investment apartments were unoccupied by the end of the first half of this year.

According to the report, residential property sales declined significantly, reaching KD 363 million, the lowest level since the second quarter of 2020. This is primarily due to a reduction in the number of property transactions. The expatriate population continues to face challenges that limit their spending and even force some to leave. The restrictions on granting visit visas to expatriates have also contributed to an increase in vacant apartments, the daily reported.

There was an unprecedented decline in expatriate population growth rates during the first half of this year. Over the past five years, the growth rate has fallen from 5 percent to approximately 1.8%.