The Ministry of Commerce and Industry will launch a “platform” through its website to collect all land and private housing properties offered for sale through licensed real estate offices under one roof. This will be done In conjunction with the issuance of the decision for real estate brokers to go for paperless transactions which will be enforced early next year with the aim of preventing money laundering operations in the sale of private housing and prevent artificial rise in sale prices and fictitious sales.
A local Arabic daily has learned the electronic platform will include real estate and residential lands only in its first phase when it is expected to be launched during the first half of 2023. The sources indicated that after launching the platform to sell real estate and residential lands or trial basis, and if successful, the sale of lands, commercial and investment properties, farms, groves and chalets will be added on the platform.
The decision of the Ministry of Commerce said this will help the buyer to verify the seller’s ownership of the property, and that it is free of any irregularities or financial reservations before signing the purchase contract.
Following are the 10 advantages of the project
1 – The tags are linked to the “My Identity” program, and any repeated tags that are not implemented in a real form will appear, and in the event that such an act is repeated many times that calls for suspicion, a block will be placed on the name in the electronic real estate broker’s system.
2 – Detecting money laundering operations that result from the sale of real estate and residential lands by executing repeated sales orders on a specified number of real estate and lands in short periods.
3 – Monitoring speculations and fictitious sales in order to artificially raise the value of private housing and the names of those responsible for it.
4 – Finding real figures for sale values and prices of real estate and land to facilitate the process of studying the direction of real estate, the extent of price inflation and making the necessary studies for government agencies, analysts and university students.
5 – Creating a real real estate market based on actual and not artificial numbers and prices, to know the average real estate prices in all regions of Kuwait.
6 – Ease of searching for the required real estate or residential land in a smooth and easy way for citizens, through the website of the Ministry of Commerce.
7 – View the residential real estate (live) 3D images through the Kuwait Finder program of the Public Authority for Civil Information, its specifications, and its defects, if any.
8 – Cleaning the market of illegal and foreign brokers, and with the success of the electronic brokerage system, intruders will vanish from the market.
9 – Monitoring fraud and deception in the specifications of the properties offered by writing all specifications for the property or the municipal violations if any, with the immediate cessation of signing contracts and returning the “deposit” if this is discovered without the need to resort to the judiciary.
10 – It is expected that within a year of the introduction of the application the prices of real estate and private housing lands will witness a remarkable decrease, due to the transparency that will be achieved in the market.
The sources confirmed that the Ministry of Commerce and Industry is working to link the “Kuwait Real Estate Platform” with all the parties associated with the completion of the real estate sale process, which requires a “clearance” or approvals, such as the Public Authority for Civil Information, the Fire Force, the Kuwait Municipality, the Ministry of Justice, and others.
The sources pointed out that the platform will have 3D images of real estate, as well as a live video via linking in the special “Kuwait Finder” program at the Public Authority for Civil Information, which will contribute to the real estate buyer knowing all the details of his property he wants to buy and discover the truth of its advantages and disadvantages.
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