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Over 3,000 forced to quit market

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‘Facelift cuts number of real-estate agents’

KUWAIT CITY, Jan 25: Head of the Kuwait Union of Real Estate Brokers Abdulaziz Al-Dughaishem affirmed that the number of real estate brokers decreased from 3,700 to only about 700 in the past year, after they were approved by the Ministry of Commerce and Industry and the Anti-Money Laundering and Terrorism Financing Department, in addition to the union, reports Al-Anba daily. In an exclusive press statement, he explained that the union’s efforts during the last two years resulted in organizing the real estate brokerage market and removing all intruders from it. More than 3,000 real estate brokers left the market either voluntarily because they were unable to meet the new requirements of the Ministry of Commerce and Industry, or were forced to leave because of the strict conditions set by the ministry’s Real Estate, and Anti-Money Laundering and Terrorism Financing departments.

Those who do not have a brokerage permit cannot enter the market or work in it at the present time. A large segment of university graduates and holders of higher degrees entered the market to work in the real estate brokerage profession. Random work no longer exists in the market except in the narrowest limits. Al-Dughaishem expressed his appreciation for the great changes witnessed in the real estate brokerage market in Kuwait during the last two years. He said, “The real estate brokerage offices have emerged after combining scientific and practical experiences, as they are managed by Kuwaiti youth armed with scientific certificates and modern technology tools.

At the same time, they have applied the conditions and requirements of the Ministry of Commerce and Industry and the Real Estate Brokers Union. A great change has taken place in the image of the real estate market. Many faces and names have changed, which confirms that the real estate brokerage profession will witness a great development in the coming years, especially if the current experiences of workers in the market are combined with young faces who possess a scientific degree.

Former real estate brokers did not have the required certificates, but were working based on their experience, but today, a broker combines certificate and experience at the same time”. Al-Dughaishem revealed that more than 400 real estate brokers enrolled for the courses organized by the Real Estate Brokers Union to obtain the required certificates, which represent one of the conditions for obtaining the broker’s permit, based on ministerial resolution No. 164/2020 that organizes the practice of the real estate brokerage profession. He indicated that this activated the aspect of obligating newcomer real estate brokers to obtain a training course first, and then work as a trainee at any of the approved real estate brokerage offices for a period of one month during which they learn the basics of real estate brokerage. He stressed that this confirms the level of the discipline among the workers in the real estate market at the present time.

Al-Dughaishem concluded by affirming that the credit for the great organization witnessed in the real estate brokerage market during the past two years is due to the Real Estate Brokers Union, as well as the cooperation of the Ministry of Commerce and Industry represented by the Undersecretary of the ministry Muhammad Al-Enezi, who provided the union with all the facilities the market needs to organize its work.

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