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 a 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.
The approval of the laws regulating real estate agencies and combating monopolies on vacant lands by the National Assembly marks a significant step towards ensuring a fair and transparent real estate market in the country. With the first law focusing on the regulation of real estate agencies, it aims to establish clear guidelines and standards for the operation of these agencies.
Under this law, real estate agencies are defined, and it is emphasized that any actions leading to a conflict of interest or self-contracting by agents are strictly prohibited. The Executive Regulations will further define the conditions, controls, and prohibitions governing real estate agencies, ensuring that they operate in a manner that is fair and beneficial to all parties involved.
An essential provision of this law is Article Four, which grants a one-year duration for parties to real estate agency agreements that cannot be removed or canceled to settle their situations. This provision ensures that individuals or entities involved in such agreements have sufficient time to resolve any outstanding issues. Failure to do so will result in the real estate agency being considered a final sale contract, protecting the rights of good faith and the state.
The second law approved by the National Assembly addresses the combat against monopolies on vacant lands. This law introduces an annual fee for undeveloped private housing plots owned by individuals or legal entities. The fee, starting at ten Kuwaiti dinars per square meter, will increase annually until it reaches 100 dinars.
By implementing this fee structure, the law aims to prevent excessive land hoarding and encourage the efficient utilization of vacant lands for housing projects. This measure will not only ensure a fair distribution of land resources but also promote the development of affordable housing options for the citizens.
The National Assembly’s approval of these laws reflects its commitment to enhancing the real estate sector and ensuring transparency in the market. By regulating real estate agencies and combating monopolies on vacant lands, the Assembly aims to create a level playing field for all participants and promote healthy competition.
In addition to these real estate-related laws, the National Assembly also made amendments to the existing law concerning the rights of persons with disabilities. These amendments demonstrate the nation’s ongoing commitment to inclusivity and equal opportunities for all individuals.
Overall, the National Assembly’s approval of the laws regulating real estate agencies and combating monopolies on vacant lands, along with the progressive amendments to the rights of persons with disabilities law, showcases the government’s dedication to creating a fair and inclusive society. These laws will contribute to the development of a transparent and thriving real estate sector while ensuring equal rights and opportunities for all individuals in the country.
Source: TimesKuwait
