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FINANCIAL NEWS
Kuwait issues new realty regulations
25 Oct 2011
(MENAFN) Kuwaiti regulator issued new rules to set a ceiling for the profit a real estate agent can make on a single deal, Kuwait News Agency (KUNA) reported.
The move is aimed at better regulating Kuwait’s real estate sector and protect investors against ambiguities, fraud and slack
The ministry of Commerce and Industry said an agent must be registered and licensed to operate in the country.
According to KUNA, the new rules demand that a real estate agents must be Kuwaiti or Gulf Cooperation Council nationals, aged 21 and older, with no past breaches of law on their record, holding a current trade permit and to be at least a high school graduate.
Also under the new rules any grievances or complaints against a real estate agent will be put before a committee to be formed of four members and a legal expert.
The committee can impose penalties that could reach to suspension and revoking of the agent’s license with the ministry.
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