The Ministry of Commerce and Industry (MoCI) issued an amendment to a decision regarding fees for real estate advertisements offered at various real estate offices.
The new decision stipulates updates to the regulations for commercial advertisements for the marketing and promotion of the sale and purchase of real estate and land as follows:
Real estate brokerage offices are permitted to advertise their real estate in their portfolio, but the advertisement license shall be for a period of 3 months costing KD75. According to this license, the Real Estate firm has the right to advertise during the duration of the valid license for real estate by various means of publication, and is obligated to bring and deliver the mediation contract for the advertisement through licensed means, and it may be renewed more than once.
The second article of the decision stipulates that renewing the license requires the following:
1- A valid commercial license and the maintaining of a brokerage book, both of which are valid.
2 – Handing over to the real estate management a list that includes detailed announcements made for the property along with its mentioned address.
3 – The mediation contract signed by both parties (the broker and the owner of the property).
4- Details of the person involved in the property sale (the auctioneer), including (name and phone number).