Real Estate Brokers In Kuwait Grow By 9.1% In 2023

The number of certified real estate brokers in Kuwait has experienced a significant uptick in 2023, rising by 9.1%. With the completion of tests and training programs, the number of licensed brokers in the country will increase from 1,351 at the end of December 2022 to 1,474 at the close of July 2023.

According to the Ministry of Commerce, the cumulative number of licensed brokers increased by 0.2% on a monthly basis, reaching 1,474 brokers in July, compared to 1,471 brokers in June. This growth points to the expansion of the real estate brokerage sector in Kuwait.

Additionally, Kuwait's number of licensed real estate evaluators has increased significantly from 62 to 142 by the end of July 2022. For real estate transactions, investment decisions, and budget evaluations, these evaluators play a crucial role in determining fair values of real estate. Their expertise safeguards the rights of property owners and shareholders, ensuring a fair representation of assets.

A number of challenges have faced real estate evaluators, including a lack of accreditation from banks and limited property data. The Ministry of Trade and Industry has taken steps to address these issues, however. Toward overcoming obstacles and improving the practice of real estate evaluators, the Minister issued a resolution in March 2023 forming a committee to study and regulate the profession.

In order to streamline the real estate evaluation process, the committee updates regulations, identifies issues, proposes solutions, and coordinates with relevant authorities. The committee’s work is expected to be completed in one month, culminating in a comprehensive report submitted to the Minister.

In Kuwait, real estate brokerage and real estate appraisal are separate professions, each serving distinct functions. While real estate brokerage involves mediating real estate transactions for a fee, real estate appraisal focuses on determining the value of properties.

To work as a real estate broker in Kuwait, certain conditions must be met, including citizenship, age, legal capacity, and a clean legal record. Training programs and tests are required to obtain a real estate brokerage license, and brokers must have an independent office dedicated to their brokerage activities.

In Kuwait, the real estate industry is experiencing growth and regulatory changes, reflecting the changing landscape of real estate transactions.

 

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