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Tuesday , November 29 2022

Bid to complete real estate market regulation, eliminate manipulations

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Al-Roudhan

KUWAIT CITY, March 17: 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.

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.

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