Latest News
- Public Prosecution Initiates Legal Action Against Individual For...
- Integration Of Council Employees Into Central Employment Registe...
- Kuwait And Saudi Arabia Pave The Way For Enhanced Aviation Coope...
- Kuwait Cabinet Greenlights Formation Of Civil Service Council An...
- General Fire Force Launches 'Prevention And Protection' Campaign...
- Neighbor Stabs Paramedic
- Some Units In Ahmadi Refinery Temporarily Malfunction
- 6 Arrested For Sheep Theft
- Variant Of Corona 'FLiRT' More Contagious, Resistant To Vaccinat...
- MoE Extended Grace Period To Upload Employees’ Certificates
- Official: Iranian President's Helicopter Crashes
- PAM: Ban On Working Under The Sun From June
A Paperless Real Estate Market Will Curb Artificial Price Rises, Fictitious Sales, And Money Laundering
Under the Ministry of Commerce and Industry's website, all land and private housing properties offered for sale by licensed real estate offices will be gathered under one roof. This will be done In conjunction with the issuance of the decision for real estate brokers to go for paperless transactions which will be enforced early next year with the aim of preventing money laundering operations in the sale of private housing and prevent artificial rise in sale prices and fictitious sales.
According to a local Arabic daily, the electronic platform is expected to include real estate and residential lands only in its first phase during the first half of 2023. The sources indicated that after launching the platform to sell real estate and residential lands or trial basis, and if successful, the sale of lands, commercial and investment properties, farms, groves and chalets will be added on the platform.
As a result of this decision, the buyer can verify that the seller owns the property and that it is free of any irregularities or financial reservations before signing the purchase contract.
The project has the following 10 advantages
- The tags are linked to the “My Identity” program, and any repeated tags that are not implemented in a real form will appear, and in the event that such an act is repeated many times that calls for suspicion, a block will be placed on the name in the electronic real estate broker’s system.
- Detecting money laundering operations that result from the sale of real estate and residential lands by executing repeated sales orders on a specified number of real estate and lands in short periods.
- Monitoring speculations and fictitious sales in order to artificially raise the value of private housing and the names of those responsible for it.
- Finding real figures for sale values and prices of real estate and land to facilitate the process of studying the direction of real estate, the extent of price inflation and making the necessary studies for government agencies, analysts and university students.
- Creating a real real estate market based on actual and not artificial numbers and prices, to know the average real estate prices in all regions of Kuwait.
- Ease of searching for the required real estate or residential land in a smooth and easy way for citizens, through the website of the Ministry of Commerce.
- View the residential real estate (live) 3D images through the Kuwait Finder program of the Public Authority for Civil Information, its specifications, and its defects, if any.
- Cleaning the market of illegal and foreign brokers, and with the success of the electronic brokerage system, intruders will vanish from the market.
- Monitoring fraud and deception in the specifications of the properties offered by writing all specifications for the property or the municipal violations if any, with the immediate cessation of signing contracts and returning the “deposit” if this is discovered without the need to resort to the judiciary.
- It is expected that within a year of the introduction of the application the prices of real estate and private housing lands will witness a remarkable decrease, due to the transparency that will be achieved in the market.
As a result, the Ministry of Commerce and Industry is working on tying the “Kuwait Real Estate Platform” to all parties involved in the completion of the real estate sale process, including the Public Authority for Civil Information, the Fire Force, Kuwait Municipality, Ministry of Justice, among others, that require clearance or approval.
There is information indicating that the platform will have 3D images of real estate, as well as a live video through the link in the special "Kuwait Finder" program at the Public Authority for Civil Information. These features will inform the real estate buyer of all the details of the property he wants to buy and its advantages and disadvantages.
Trending News
-
Ministry Systems Hacked, Electricity Bills Altered
11 May 2024
-
Kuwait Unveils Monumental Solar Energy Project For...
06 May 2024
-
Eid Al-Adha Holiday In Kuwait: Potential 9-Day Bre...
15 May 2024
-
Team To Inspect New Airport's Solar Panel Installa...
12 May 2024
-
Expatriates Caught On Video Stealing Electricity W...
11 May 2024
-
Issuing Work Permits Based On Academic Certificate...
07 May 2024
-
Kuwait Terminated 10,000 Expats Over 5 Years
15 May 2024
-
Whatsapp New Updates Announced To Enhance Privacy...
14 May 2024
-
Ministry Of Interior Extends Biometric Fingerprint...
14 May 2024
-
MoH Updates Employee Working Hours
13 May 2024
Comments Post Comment