Notable surge seen in number of real estate brokers in Kuwait
The number of licensed real estate brokers in Kuwait experienced a notable increase since the beginning of 2023, surging by 13.4 percent to reach approximately 181 brokers. The cumulative total of licensed brokers in Kuwait rose from 1,351 at the end of December 2022 to 1,532 by the end of October the following year.
Data from the Ministry of Commerce reveals that the cumulative total of licensed brokers saw a 2.7 percent increase, amounting to 41 brokers during October alone, compared to the previous month’s count of 1,491 brokers in September.
The Ministry of Commerce further disclosed that the cumulative total of licensed real estate residents in Kuwait grew from 62 at the end of December 2022 to 151 by the end of July, marking an 89-resident increase over ten months. In October, the number of licensed real estate residents showed a monthly uptick, accompanied by a rise in brokerages compared to the previous September.
Real estate evaluators play a crucial role in determining the fair values of real estate for various purposes, such as selling, buying, or valuation. Their expertise enhances the feasibility of real estate investment decisions and contributes to the fair value representation in company budgets, safeguarding the rights of owners and shareholders.
However, real estate evaluators encounter challenges, including lack of accreditation from banks and insufficient data on the properties they evaluate. The profession requires more regulatory decisions to address these issues.
In response to this, the Ministry of Commerce has taken steps to regulate the professions of real estate brokers and evaluators. In November 2020, regulatory regulations for practicing the real estate brokerage profession were issued, covering licensing and registration processes.
Additionally, in March 2023, Ministerial Resolution No. 28 of 2023 established a committee to study and regulate the real estate valuation profession, aiming to identify obstacles and propose solutions for effective implementation. The committee was given the authority to coordinate with relevant authorities and gather necessary data for its tasks.
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