OVER 3000 FORCED TO QUIT MARKET IN KUWAIT

  • 26/01/2022

Kuwait City: Abdulaziz Al-Dughaishem, head of the Kuwait Union of Real Estate Brokers, confirmed that the number of real estate brokers in Kuwait has decreased from 3,700 to around 700 in the last year, after they were approved by the Ministry of Commerce and Industry, as well as the Anti-Money Laundering and Terrorist Financing Department and the union. He explained in an exclusive press statement that the union's work over the previous two years resulted in the organisation of the real estate brokerage market and the removal of all intruders from it. More than 3,000 real estate brokers left the market voluntarily because they were unable to meet the Ministry of Commerce and Industry's new requirements, or were forced to leave due to the strict conditions imposed by the ministry's Real Estate, Anti-Money Laundering, and Terrorism Financing departments.


Those who do not have a brokerage permit are not permitted to access or work in the market at this time. A considerable number of university graduates and higher degree holders entered the real estate brokerage business. Except in the most extreme cases, random work no longer exists on the market. Al-Dughaishem expressed his gratitude for the significant improvements that have occurred in Kuwait's real estate brokerage business during the previous two years. "The real estate brokerage offices have emerged as a result of integrating scientific and practical experiences, as they are run by Kuwaiti youth armed with scientific qualifications and current technology tools," he explained. 

Simultaneously, they followed the conditions and regulations of the Ministry of Commerce and Industry and the Real Estate Brokers Union. The image of the real estate industry has changed dramatically. Many faces and names have changed, confirming that the real estate brokerage industry will see significant growth in the coming years, especially if present market experiences are joined with youthful faces with a scientific degree.

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