Real estate appraisals improve accuracy
The article highlights the Ministry of Justice's decision to regulate the profession of "Expert in Real Estate Valuation," with the aim of enhancing the quality of market reports and achieving greater accuracy in determining the true value of properties. The decision stipulates that experts must comply with 18 conditions, including being registered with the Ministry of Commerce as real estate evaluators, holding Kuwaiti citizenship, and being over 30 years old. It also requires reports to be issued in detail and linked electronically to real estate registration transactions to promote transparency and ensure fairness in the real estate market, while safeguarding confidentiality and avoiding conflicts of interest. The goal is to improve the quality of market assessments, which directly influence property prices, and to expand the use of expert reports in courts to ensure accuracy in real estate judicial processes.
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