The local real estate market is incomplete due to lack of sufficient information, which has caused a lot of problems for investors who want to buy real estate, explaining that the issuance of periodic reports requires the establishment of an integrated system, reports Al-Jaridah daily quoting sources.
The sources stressed that presence of a neutral entity to issue periodic reports will have positive effect on the real estate market, and will work to organize it. No one will be able to raise prices, and the same is true for rental values.
In light of the current situation, it is necessary to establish an independent body for the real estate sector, which will organize and publish information on the sector accurately and periodically, and also accelerate the completion of transactions for the sale and purchase of real estate.
This came in response to questions raised by the daily about intention of the Real Estate Commission in the Kingdom of Saudi Arabia to establish a real estate indicators platform that will show the real estate market, demand and supply movement, prices, occupancy rates and the feasibility of implementing a similar platform in the local Kuwaiti real estate market.
“Information and official indicators of the local real estate sector are available, but insufficient and incomplete. There is some information that is absent and not accessible to all,” said the Secretary-General of the Real Estate Union, Ahmad Al-Duwaheis. The main sources of information are the Ministry of Justice and the Public Authority for Civil Information.
Al-Dawaheis told the daily that there are efforts from the private sector, including the Real Estate Union. The Union is issuing the Real Estate Advisory from time to time, which provides all the data on some real estate sectors, but this effort needs government support to continue.
The lack of information has a great impact on the sector and on investors or citizens who want to buy real estate. In most countries, there is a specific body that publishes periodic reports showing the prices of real estate, job and vacancy rates as well as the nature of supply and demand.
He pointed out that the real estate market needs such platforms or the stock market, pointing out that everyone is calling for the establishment of an independent body for the real estate sector, whose responsibility is to regulate the market and the issuance of reports. He added that the presence of a neutral entity to issue periodic reports has positive effects on the real estate market, and works to organize it, prices will be accessible to everyone, and no one can raise them.
In other news, Lawyer Fahad Al Haddad has proposed a series of legislative and legal solutions to prevent future abuses and violations of commercial and real estate activities, as well as to reduce the crises facing the real estate market in Kuwait, reports Al-Anba daily. He has also offered guidance and advice for financial transactions for real estate owners and those wishing to own property outside Kuwait.
SOURCE : ARABTIMES