In a productive session held today, the National Assembly has successfully approved two crucial laws during its second deliberation. The first law focuses on the regulation of real estate agencies, while the second law addresses the combat against monopolies on vacant lands, reported Al-Jarida Daily.
Additionally, there were amendments made to the provisions of the existing law concerning the rights of persons with disabilities, as per the Council’s agreement in the first and second deliberations. Presided over by Speaker Ahmed Al-Saadoun, the session began with the consideration of various agenda items, including questions and committee reports on decrees-laws, draft laws, and proposals for laws.
Of notable significance were the second deliberations on the laws regulating real estate agencies and combating monopolies on vacant lands, along with the report from the Committee for the Affairs of People with Disabilities on proposals to amend certain provisions of Law No. (8) of 2010 related to the rights of persons with disabilities.
The law pertaining to real estate agency regulation comprises six articles, as outlined in the explanatory memorandum. The first article defines real estate agency and its allocation, emphasizing the prohibition of any actions that result in conflict of interest or self-contracting by agents. Article Two establishes that the Executive Regulations will define the conditions, controls, and prohibitions governing real estate agencies.
Furthermore, Article Four grants a one-year duration, starting from the implementation of this law, for parties to real estate agency agreements that cannot be removed or canceled to settle their situations. Failure to do so will consider the real estate agency as a final sale contract, ensuring the rights of good faith and the state are protected.
Regarding the law combating the monopoly of vacant lands, Article One introduces an annual fee of ten Kuwaiti dinars for every square meter exceeding an area of one thousand five hundred square meters for undeveloped private housing plots owned by individuals or legal entities. The fee will increase by 30 dinars annually until it reaches 100 dinars.
This measure aims to prevent excessive land hoarding and encourage efficient utilization of vacant lands for housing projects. The National Assembly’s affirmation of these laws reflects its dedication to enhancing the real estate sector, ensuring transparency, and tackling monopolistic practices. The progressive amendments to the rights of persons with disabilities law also demonstrate the nation’s ongoing commitment to inclusivity and equal opportunities.