Property Year in Review: 2023

The real estate sector in Kuwait has witnessed remarkable growth throughout 2023, achieving record-breaking milestones each quarter in terms of transaction value and volume.

As a leading platform with over 1 million views and 50,000+ property listings, 4Sale brings you an exclusive look back at the year through our 2023 Property Report.

This comprehensive report analyzes house sales and rents by examining price trends, investor hotspots, and areas with high buying and rental potential.

Investing in Kuwait’s Real Estate: Potential, Prices, and Insights

Investors find Kuwait appealing due to the promising prospects of maximum investment returns and attractive investment policies.

Our 2023 Property Report compares the average price-per-square-meter for each area to accurately represent property prices in Kuwait.

It is essential to note that these property prices are subject to change based on various key factors, including available amenities, the project developer, and the specific location.

1- Below are the most searched districts in for rent categories on the 4Sale platform.

A) Apartment for rent

District	Views
Ahmadi	40,838.00 views

Key Takeaways:

• Hawally is the most viewed district for apartment rentals, followed by Ahmadi, Al-Farawaniyah, Mubarak Al-Kabeer, and Kuwait City.

• Hawally is the #1 preferred location for expatriates; who represent a significant portion of the governorate.

• Al-Jahra is expected to have an increase in views and demand for apartment rentals due to the completion of “Al-Mutlaa” a vast new residential area with over 28,000 units.

• The top lounging areas in Kuwait exist in Al-Jahra [Hot spots].

• Al-Jahra is the top location for lounge rentals, followed by Ahmadi and Al-Farwaniyah.

• Ahmadi is the only governorate offering a seaside location, making it the prime choice for chalet rentals.

• Al-Farwaniyah, Mubarak Al-Kabeer, Kuwait City, Hawally, Ahmadi, and Al-Jahra are the top-viewed districts for floor rentals.

2- Below are the most searched districts in houses for sale on the 4Sale Platform.

A)  House for sale

District	Views
Ahmadi	61,000 Views
Al-Farwaniyah	39,000 Views
Al-Jahra	25,000 Views
Mubarak Al-Kabeer	17,000 Views
Kuwait City	13,000 Views
Hawally	8,700 Views

Key Takeaways:

• Ahmadi is the most viewed location for house sales, followed by Farawniyah, Al-Jahra, Mubarak Al-Kabeer, Kuwait City, and Hawally.
• The districts of Ahmadi, Al-Jahra, Al-Farwaniyah, and Mubarak Al-Kabeer primarily consist of private housing for Kuwaiti citizens, resulting in a significant number of buying and selling transactions taking place.
• The majority of apartments in Hawally are rented out to expatriates.
• Approximately 50% of the areas within the Kuwait City district are designated as private housing for Kuwaiti citizens, and the selling process is restricted to residents of the same district.

B) Residential land for exchange

District	Views
Al-Jahra	19,705.00
Ahmadi	18,047.00
Al-Farwaniyah	6,229.00

Key Takeaways:

• Al-Jahra, Al-Ahmadi, and Al-Farwaniyah are the top-viewed districts for residential land exchanges.
• The Kuwaiti government offers land grants to citizens in various locations, with large districts like Al-Jahra and Frawniyah being popular choices.
• Al-Jahra residents prioritize being close to their families; therefore, when offered land in another district, they exchange it for land within Al-Jahra to stay close to them.

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Listings [listed on 4Sale]

2- Below are the top locations where property listings were listed, distributed by top categories, top areas, and median price.

A) Apartment for Rent

Area	Median Asking Price [Monthly Rent]
Mahboula	150 KD
Sabahiya	200 KD
Abduallah Mobarek	300 KD
Andalus	250 KD
West Abduallah Mobarek	300 KD
Hawally	200 KD
Salmeyiah	250 KD
Saad Abdallah	250 KD
Jaber Ahmad	300 KD
Abu Fteera	350 KD
Al Fnetees	450 KD

B) Chalet For Rent

Area	Median Asking Price [Daily Rent]
Sabah Al-Ahmad Al-Marin	120 KD
Shalehat Al-Khairan	40 KD

C) Floor For Rent

Area	Median Asking Price [Monthly Rent]
West Abduallah Al Mobarek	500 KD
Jaber Al-Ahmad	600 KD
Abu Fteera	700 KD
Fnetees	700 KD
Masayel	700 KD

D) Houses For Sale

Area	Median Asking Price [Starts from]
Ali Sabah Al-Salem	200,000 KD
Daher	170,000 KD
New Wafra	200,000 KD
Riqaa	350,000 KD
Sabah Al-Ahmad	350,000 KD
Sabahiya	370,000 KD
Abduallah Al-Mobarak	380,000 KD
Andalus	350,000 KD
Ardehiya	320,000 KD
Ferdoos	200,000 KD
West Abduallah Al Mobarak	380,000 KD
Salwa	385,000 KD
Saad Abduallah	350,000 KD
Jaber Al-Ahmad	400,000 KD
Abu Fteera	500,000 KD
Sabah Al-Salem	350,000 KD

Guidance for Investors

1- High-Demand Locations

• Hawally is the most popular district for apartment rentals.
• Apartments at Salwa start at 385,000 KD.
• The district offers a solid rental potential of 200-250 KD per month.

2- Diversified Investment Opportunities

-Ahmadi is the second most popular district for apartment rentals and has a wide range of investment options:

• Ali Sabah Al-Salem – 200,000 KD
• Daher – 170,000 KD
• New Wafra – 200,000 KD
• Riqaa – 350,000 KD
• Sabah Al-Ahmad – 350,000 KD
• Sabahiya – 370,000 KD
• Rents in Mahboula & Sabahiya range from 150-200 KD per month.

3- High-value Renting Opportunity

• West Abdullah Al Mubarak – Al-Farwaniyah is the most popular area for floor rentals.
• Floor rentals are estimated at 500 KD per month.

Median Price Range Benefits

4Sale stands alone in offering a median price range, avoiding misleading averages, and guiding informed decisions for buyers and renters, sellers, contributing to an overall stable real estate market.  

A- For Buyers and Renters

Median prices give a realistic view of what properties typically cost in specific areas, enabling informed decision-making when buying or renting and helping to avoid overpaying or settling for below-market deals. Understanding the price range within different areas helps individuals plan their budgets effectively by narrowing down their search to areas that fit their financial capabilities. Median prices reduce frustration by offering a transparent benchmark, reducing confusion and frustration during the search process.

B- For Sellers

Sellers can set competitive prices that attract more potential buyers/renters and increase their chances of a successful sale/lease. When prices are accurately represented, negotiations become more efficient and transactions can move forward faster, saving everyone time.

C- For the Real Estate Market

Transparent price information promotes a more efficient market with less information asymmetry between buyers/renters and sellers/landlords. Investors can utilize median price data to make informed decisions about property development and investment opportunities in Kuwait. Accurate data help stabilize the property market fluctuations, promoting long-term stability and growth.      

Conclusion & View of market trends and expectations to 2024

Tarek Sakr, Chief Executive Officer of 4Sale, said:

“It’s exciting to witness the ongoing surge in housing demand in Kuwait, presenting a ripe opportunity for technological innovation and disruption in the sector. That’s why we introduced 4Sale Realty to our customers in the country in 2023, and it continues to thrive in 2024. With a cutting-edge digital real estate platform designed to revolutionize property transactions, we’re well positioned to establish ourselves as a key player in Kuwait’s evolving real estate landscape.”

With this, we conclude our Kuwait real estate market report for 2023.

Disclaimer: The above Kuwait sales real estate market report is based on property prices listed on q84sale.com, and is not representative of actual real estate transactions conducted in Kuwait.