MoCI mulls limiting property brokerage jobs for Kuwaitis

MoCI mulls limiting property brokerage jobs for Kuwaitis

KUWAIT: Official sources at the Ministry of Commerce and Industry said there are plans to issue a decision to limit the job of real estate brokers to Kuwaitis, after discovering expatriates are in control of this profession. The supervision and inspection department claimed these expats have caused a significant increase in prices deliberately without any justification, adding “prices can be reduced very easily if they put their personal greed aside”.

The sources said prices at offices selling and leasing real estate suddenly increased significantly in a way that does not agree with natural and realistic prices and without having any links with local or international market variables. They are also not linked with consumer needs and demands, which means the prices are artificial.

Studies and research revealed that following an exodus of expats who worked in real estate offices due to the coronavirus pandemic, it was found that the remaining employees – the majority of whom are from one nationality – agreed over certain prices and decided to never lower them, because the higher the price, the larger the commission for them.

The sources said the commerce ministry noticed that Kuwaiti office owners do not know about this situation because expat workers take