Vacant buildings in Kuwait ‘drop’ to 8.4%

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KUWAIT CITY - According to a report by Al-Shall Center, the total number of buildings in Kuwait reached approximately 219,600 by the end of June 2024, up from about 216,300 at the end of June 2023, reports Al-Seyassah daily. This represents a growth rate of around 1.5 percent over the past year, slightly lower than the 1.6 percent growth recorded during the previous year.

The report also highlighted that the number of building units increased to about 786,800 by the end of June 2024, compared to 778,200 units a year earlier, marking a 1.2 percent increase. The compound annual growth rate for units from June 2015 to June 2024 was about 1.9 percent, while the compound growth rate for buildings was 1.2 percent. This suggests a trend toward smaller unit sizes within buildings and a shift in demand patterns.

The residential buildings make up the majority of Kuwait’s buildings, accounting for approximately 66.6 percent of the total. These are followed by mixed-use buildings and those designated solely for commercial purposes. The percentage of vacant buildings decreased to 8.4 percent by the end of June 2024, with about 18,400 vacant buildings out of a total of 219,600. This is a reduction from 8.8 percent (19,100 vacant buildings) at the end of June 2023. The distribution of building units shows that apartments constitute the largest share at 45.3 percent, followed by houses at 21.8 percent, and shops at 20.1 percent.

The compound growth rates from June 2015 to June 2024 for shops, apartments, and houses were 3.4 percent, 1.7 percent, and 1.4 percent, respectively, while growth for annexes declined by about -0.9 percent. The percentage of vacant units decreased to approximately 20.1 percent in June 2024, down from 21.5 percent a year earlier. The following table and chart detail the number of buildings and their types of use by governorate as of June 2024, as well as the percentage of vacant and occupied units from 2015 to June 2024.