Kuwait real estate brokers surge by 9.1% in 2023

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KUWAIT CITY, Oct 22: The number of licensed real estate brokers in Kuwait has experienced a significant uptick in 2023, rising by 9.1%. This brings the cumulative total of licensed brokers in the country from 1,351 at the end of December 2022 to 1,474 at the close of July 2023 after successful completion of tests and training programs.

The data from the Ministry of Commerce reveals that, on a monthly basis, the cumulative number of licensed brokers increased by 0.2%, reaching 1,474 brokers in July, compared to 1,471 brokers in June. This growth points to the expansion of the real estate brokerage sector in Kuwait.

Moreover, the number of licensed real estate evaluators in Kuwait has witnessed a remarkable increase, soaring from 62 evaluators at the end of December 2022 to 142 by the end of July. These evaluators play a crucial role in determining the fair values of real estate, a vital component for real estate transactions, investment decisions, and budget evaluations. Their expertise safeguards the rights of property owners and shareholders, ensuring a fair representation of assets.

Real estate evaluators have faced numerous challenges, such as the lack of accreditation from banks and limited property data for evaluation. However, the Ministry of Trade and Industry has taken steps to address these issues. In March 2023, the Minister issued a resolution forming a committee to study and regulate the real estate evaluator profession, aiming to overcome obstacles and improve the industry’s practices.

The committee is entrusted with updating regulations, identifying issues, proposing solutions, and coordinating with relevant authorities to streamline real estate evaluation processes. The committee’s work is expected to be completed in one month, culminating in a comprehensive report submitted to the Minister.

In Kuwait, real estate brokerage and real estate appraisal are separate professions, each serving distinct functions. While real estate brokerage involves mediating real estate transactions for a fee, real estate appraisal focuses on determining the value of properties.

To work as a real estate broker in Kuwait, certain conditions must be met, including citizenship, age, legal capacity, and a clean legal record. Training programs and tests are required to obtain a real estate brokerage license, and brokers must have an independent office dedicated to their brokerage activities.

Kuwait’s real estate industry is experiencing growth and regulatory changes, reflecting the evolving landscape of real estate transactions in the country.

By Ahmad Fathi
Al-Seyassah/Arab Times Staff

This news has been read 1395 times!