Members of the Real Estate Union called on the government to expedite the establishment of a public real estate authority, especially after extensive research was conducted by the World Bank in cooperation with the Union, Al-Rai daily reported.
During a group meeting with the daily, the head of the Real Estate Union, Tawfiq Al-Jarrah, Secretary Ibrahim Al-Awadi, member of the board of directors of the union Abdul Rahman Al-Tarkit, and real estate evaluator Ahmed Al-Lahib agreed that the establishment of a public real estate authority would protect the sector, address the lack of information and secure access for investors in real estate.
The members of the Real Estate Union stressed the need to accompany this with the amendment of the owners’ union law to become mandatory for all, to reduce chaos and guarantee the rights of owners.
They drew attention to the importance of allowing all non-Kuwaiti persons who meet the conditions to own apartments in investment buildings, while easing the grants tool to be by a decision of the Minister of Justice, indicating that this is in line with the development of Kuwait in all areas of political, social and economic life and with the significant increase in commercial activities, as this would localize the remittances of expatriates abroad, which amount to about $15 billion annually.
Tawfiq Al-Jarrah stressed the need to expedite the establishment of the Real Estate General Authority, especially since the government paid large sums to prepare comprehensive reports in this regard, based on scientific grounds, in cooperation with the World Bank, in which the Real Estate Union participated and reached excellent results, but the rapid change of finance ministers and the emergence of the Corona crisis prevented the establishment of this body.
Al-Jarrah pointed out that the residential sector in Kuwait if measured as wealth, is equivalent to about KD 80 billion.