Advertisement
|17 March, 2019

Kuwait issues law to complete real estate market regulation

Decree issued in efforts to complete the regulation of the real estate market and eliminate the manipulations that occur in the market

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Getty Images/Emad Aljumah

KUWAIT CITY - The Minister of State for Commerce and Industry, Khalid Al-Roudhan, has issued a decree establishing the Real Estate Broker’s book (log/register) electronically in an effort to complete the regulation of the real estate market and eliminate the manipulations that occur in the market, reports Al-Rai daily.

The sources revealed that under the new decision ministries of Commerce and Industry, Justice and the Kuwait Municipality and the Public Authority for Civil Information, will be linked to provide a reliable and comprehensive database of any property that is being traded with regards to dispute and ownership status.

The decision specifies the beginning of the electronic booking system through the website dedicated for the purpose, which is authorized to be used by the licensed intermediary (broker) to manage the real estate in the ministry after obtaining the required electronic permits and identity from the Public Authority for Civil Information. The electronic booking system is scheduled to kick-start on March 17, 2019 and the work of the paper brokerage system will continue until a decision is issued to suspend it.

Advertisement

The decision pointed out that the general provisions of Chapter I of Ministerial Decree No. (447) for the year 2011 regarding regulating the practice of the real estate brokerage profession applies while no provision is made in this decision.

© 2019 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commercial