MoCI to monitor unreal real estate trading

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KUWAIT CITY, Aug 23, (KUNA): Ministry of Commerce and Industry (MoCI) has formed a committee to supervise the phenomenon of unreal real estate sale by brokers recently in Kuwait.

Assistant Undersecretary of the Ministry of Commerce and Industry for Technical Affairs and Trade Development Abdullah Saqer Al-Enezi said in an interview with KUNA that there are some wrong practices by citizens when they request practicing or attaining real estate brokerage, which can cause a legal violation.

He stressed that the Ministry took the actual steps through the formation of a committee to follow-up and investigate this phenomenon as well as to receive any complaints related to real estate brokers’ wrong practices.

He added that the committee meets twice a week to monitor the developments of the real estate operations, adding that the committee has called off some fraud licenses and referred the violators to the commercial prosecution.

Al-Enezi criticized the lack of regulation in the real estate market and procedures for assessment of properties, which currently rely on non-specialists’ estimates, stressing the need for a competent public authority to manage and organize the real estate market.

The real estate trading value amounted to more than KD 7 billion and its vital sector continues to remain the single largest contributor to Kuwait’s GDP, he added.

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