Kuwait Real Estate Regulatory Law to be Issued

Kuwait Real Estate Regulatory Law to be Issued

Introduction

Kuwait has become a global hub for business, attracting many from abroad, both people with industrious intentions as well as a large number of people visiting as tourists. The population consists of around 70% expatriates and many hundreds of thousands visit every year.

The country does have significant oil reserves which have provided it with great growth since the time the nation gained its independence. However, it has is recognized in the region, that oil alone is not enough. The time will come when a greater economic diversity will be of the utmost importance, and the regulations and plans are already thought out and soon to receive enactment.

One area which is being pushed in Kuwait is that of real estate. A new regulatory law is soon to be in place which will drive the boundaries in the country and put the nation on the map is an even more significant manner than it already is.

New Regulatory Law

Under the new law, an electronic real estate broker’s log website will arise. The purpose of this is to modernize the system and also allow for a higher level of control over the market through the brokers that are working in it.

Having such a database in place will restrict the number of disputes and issues that could arise, and should also prevent manipulation of the market by any. The website used to achieve this is already established as of March 17 2019, and licensed brokers will be able to utilize it.

However, the paper systems that this change looks to get rid of will still be in use until a later specified time when they are deemed to be no longer necessary.