CM – Real estate agencies record 526% growth in the first half of 2021 – ARAB TIMES – KUWAIT NEWS

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KUWAIT CITY, July 29: Real estate agencies sold 349 houses with a total value of KD 119 million in the first half of 2021 – 526 percent growth compared to KD 19 million in the same period in 2020, reports Al-Jarida daily. The reason for this huge jump in volume in apartment transactions at real estate agencies is the low level of trade in the first half of last year as a result of closings and government health measures to cope with the corona pandemic. The agencies are considered an important gateway for speculation in the housing sector in relation to the period of completion of the sales process and are not required to obtain a certificate of description from the Kuwait Municipality. This means that a property whose owner has committed violations can be sold through a real estate agency.

The agencies can also avoid the property registration fee – 0.5 percent as the fee is set at 500KD for properties over 100,000KD; the fee is 250 KD for properties under 100,000 KD. According to the current prices, the registration fee is significantly higher than the brokerage fee. Also, housing benefit applicants can use the real estate agency to buy property without canceling their housing benefit application because the property is not registered with the property registration department. The broker can dispose of the property and sell it in the same way. The real estate agency carries many risks. For example, if there are financial proceedings against the main owner and legal steps are taken against him, the property sold through the real estate agent can be confiscated and the real estate agent or buyer is directly damaged.

Justification On the other hand, some see the real estate agency as Main reason for speculating on residential real estate; because the sales process is completed in a very short time compared to the documentation method, which can take a month or more. The real estate agency is also one of the reasons for the rise in residential property prices, as it is easier for speculators to buy and monopolize land and property and then put them up for sale at higher prices with lower fees. Some real estate agents pointed out that the real estate brokerage system is only applied in the state of Kuwait, which causes many problems for citizens as the real estate agent can lose property in case of confiscation. They suggested that it would be better to get rid of the real estate brokerage system and simplify the procedures for direct property transfer to eliminate speculation and tampering. They explained that it takes months to transfer a real estate document – a very long period of time that can lead to a lot of price fluctuations. The National Assembly ratified a law to increase the brokerage fee from 10 KD to 500 KD after the market had many problems dealing with the real estate agency. Previously the brokerage fee was KD 2.

KUWAIT CITY, April 7th: Amidst the health conditions in the country and …