Kuwait issues decree to regulate real estate market
Decree calls for various government entities to be linked electronically
In a move to better regulate its real estate market, Kuwait has issued a decree that calls for the establishment of an electronic real estate broker’s book. The move will also help to eliminate manipulation in the market, according to a report by Arab Times.
Khalid Al Roudhan, the Minister of State for Commerce and Industry, passed the decree.
The decree calls for the ministries of commerce and industry, justice as well as Kuwait Municipality along with the Public Authority for Civil Information to be linked electronically. According to the report, the move will enable the institutions to provide a reliable and comprehensive database of any property that is being traded with regard to dispute and ownership status.
The decision specifies the launch of an e-booking system through the website dedicated for the purpose. The system can 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 report said.
