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Kuwait issues law to regulate real estate market

KUWAIT CITY, March 18, 2019

Kuwait has issued a decree for establishment of the Real Estate Broker’s book electronically in an effort to complete the regulation of real estate sector and also eliminate the manipulations occurring in the market, reported Arab Times, citing a senior minister.

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, it stated.

As per the new decree, the ministries of commerce and industry, justice and the Kuwait Municipality along with 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, said the report.

The decision specifies the beginning of the e-booking system through the website dedicated for the purpose, which is authorised 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, it added.




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