Real Estate Association signs protocol with Kuwait’s Real Estate Union
The Real Estate Association of Lebanon (R.E.A.L) announced that it has signed a protocol of cooperation with the Real Estate Union of Kuwait. The protocol aims at organizing real estate operations between Lebanon and Kuwait.
Youssef Howayek, the Director of R.E.A.L, said that Kuwaitis have been complaining the inconsistent prices of real estate in Lebanon, as well as the complicated measures for completing transactions.
He said that the inconvenience was because Kuwaitis interested in purchasing real estate in the country have been referring to indirect sources, often not related to the field.
“Through this protocol, R.E.A.L seeks to restrict the dealings in this field to recognized brokers and developers (members of the association),” said Howayek.
According to the protocol, the two signatories would exchange information regarding investors, developers, and brokers in the Lebanese market.
The two sides have also agreed to organize workshops to introduce (Kuwaiti) consumers to the Lebanese laws and procedures for purchasing property. The first such seminar will be held in Kuwait in December 2011.
They also agreed to prepare a directory including the names of companies and experts so that real estate investors could have direct contacts in the Lebanese market.
R.E.A.L was established in 2009. It is chaired by Massaad Fares, founder of Prime Consult. The organization aims at regulating the career of real estate brokers.
Date Posted: Oct 17, 2011