Image Credit: AFP
Dubai: Kuwait has seen a significant rise in demand for short-term apartment rentals, especially for one-month stays, following the easing of visit visa restrictions and the launch of new projects.
Mahmoud Al Ruby, CEO of Sara Plaza and Sara Palace hotels, reported that occupancy rates have soared from 70 to 85 per cent post-visa changes, including family visits, which also led to a 10 per cent increase in rental prices. Currently, the cost for a one-bedroom apartment with a living room is 560 dinars, and a studio is priced at 350 dinars.
The surge in demand is also driven by an influx of tourists from Gulf countries, particularly Saudi Arabia, and increased needs from companies and hospitals for commercial entry visas.
Al Ruby expected further growth in demand as the weather improves and residents return from summer vacations.
Meanwhile, Mohammad Al Shazly from Kuwait Continental Hotels Group highlighted challenges due to strict visa regulations, such as the need for an invitation letter and degree translations.
He called for streamlined procedures to boost the sector further, which was heavily impacted during the COVID-19 pandemic.
Al Shazly noted that the rise of furnished apartments and subletting offers more affordable options and has significantly influenced the hotel apartment market, with rates for a one-bedroom ranging from 35 to 65 dinars per day.
The sector hopes that further visa relaxations and large-scale projects will continue to revitalise the market, as many residents seek affordable housing by subletting, particularly those who have brought families over on visit visas.
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