The Middle East’s real estate market has grown considerably in recent years as foreign investors from all over the globe seek to capitalize on the region’s expanding economy and one-of-a-kind urban projects. Still, Kuwait is left behind with a nearly 50% drop in real estate investments in 2022.
The most rampant concern in investing in Kuwait real estate is that the Middle East’s real estate industry is unregulated, leaving potential buyers and sellers vulnerable to a lot of problematic situations. For instance, there have been reports of buyers being duped by sellers or properties being sold without the required paperwork. This often leaves buyers strapped for cash and without the home they assumed they were getting.
A New Era for Real Estate in the Middle East
Real estate expert, coach, and entrepreneur Ahmed Elbatrawy is on a quest to regulate and transform property buying and renting in Kuwait and the whole Middle East. He intends to use his newly-acquired 300 million EGP funding to create a safer, simpler, and more convenient way for people in the region and investors to find and acquire the ideal property for their needs and 100 million dollars for gulf region .
.Elbatrawy’s initiative to create the most outstanding Arab real estate platform has received support from the Dallah Albaraka Group, a Saudi Arabian global investment firm. With their funding, Elbatrawy is set to launch the Arab Multiple Listing Solutions (MLS) this year (2022), the region’s first online platform that acts as a unified system for property administration and a comprehensive database of residential and commercial properties for sale. As the solution to the rampant concerns of unregulated real estate protocols in the Middle East, Elbatrawy’s MLS will serve as a critical source of information and guidelines for both consumers and brokers.
“I’d like to make a change in the whole industry. I like to help as many people as I can. I know that there is no system. There is no one source of information. There are no guidelines. There is no licensing. We’re establishing a system on par with the United States of America, from the lead system to the technical information. MLS will be helping and supporting millions of brokers and consumers in the Middle East and around the world,” Elbatrawy says.
The Future Looks Bright
With the goal of changing the real estate industry in the whole Middle East, the MLS projects aim to produce millions in revenue and billions in sales. Elbatrawy also plans to introduce new online features, such as a property appraisal tool, to make the Arab MLS the premier source of trusted real estate information for anyone wishing to purchase or rent a home in the region. Elbatrawy believes that it is high time to put a global spotlight on the Middle East’’s real estate industry as it generates millions of euros and provides several investment opportunities for investors worldwide. He shares, “They will be able to come and spend the money and invest in Kuwait, Egypt, or anywhere else in the Middle East because now they have one professional and trusted source of information.”