The Real Estate Regulatory Authority Promotes Investments

A number of real estate experts praised the Amiri Decision No. 28 of 2023 to establish the General Authority for the regulation of the real estate sector and the issuance of a law amending some provisions of Law No. 6 of 2014 to regulate real estate development, stressing that the real estate sector is in urgent need to strengthen its mechanisms and integrate departments and entities working in this sector under one system.

They expected that the establishment of the authority will contribute to the preservation of rights between the parties to the real estate relationship, in terms of sale, purchase, mortgage and other real estate transactions, stressing that the new authority will maintain the progress of the stages of the projects being constructed, and that granting the authority’s employees the status of judicial control contributes to the control of manipulators in the real estate market.
The experts said in special statements to Al-Raya: the establishment of the” licensing committee ” at the authority contributes to the speed of procedures and facilitate the entry of developers into the Qatari market, which contributes to the growth process and the creation of competition between real estate developers.

Sector regulation

Mr. Saif Al Naimi

At the beginning, the real estate expert and broker, Mr. Saif Al Naimi, says that the real estate regulatory authority will regulate the real estate sector and contribute to stimulating and promoting it, pointing out that the amendments to Law No. 6 of 2014 define the obligations owed to the real estate developer, as well as regulating the relationship between the developer and the bank in various projects, and obliging the developer to provide an account statement of the amounts he spent on the project, and this will maintain the progress of the project stages, and granting the staff of the real estate regulatory authority judicial control contributes to the control of manipulators in the real estate market.

Al Naimi praised the establishment of the” licensing committee ” at the authority, which is entrusted with the competence of issuing real estate development licenses, developer licenses and licenses of companies working in the field of management and maintenance of real estate under development, which contributes to the speed of procedures and facilitate the entry of developers to the Qatari market, which stimulates the growth process and creates competition among real estate developers.

He stressed that all this will contribute to increasing the confidence of real estate investors and buyers of residential units, pointing out that the law has defined development in areas where non-Qataris may own real estate, and according to the areas licensed to own them, and this achieves transparency in various aspects of the real estate sector.

He explained that the new authority contributes to attracting and attracting investors and real estate developers from the Gulf countries and the countries of the world, especially with the presence of a single entity dealing with them, which is in force in many countries of the world, which contributes to stimulating the real estate sector, enhances its incomes and thus aligns with the goals of the Qatar National Vision 2030 in diversifying sources of national income.

Careful study

Mr. Khalifa Al musalmani

For his part, real estate expert and appraiser Mr. Khalifa Al musalmani stressed that the decision to establish the General Authority for Real Estate Regulation and the issuance of a law amending some provisions of Law No. 6 of 2014 regulating real estate development undoubtedly came after a careful study of the real estate sector, which has witnessed many fluctuations over the past years.

He said that he hopes the new authority to have a database of information and documented data on the real estate sector in all its categories in all regions to contribute to achieving transparency and ease for real estate developers and all dealers in the real estate market, in addition to including the banking sector in this base in the part of credit granted to the real estate sector.

Al Maslamani called for the new authority to pay sufficient attention to the issue of invisible fees borne by investors in new regions and cities such as Lusail, the Pearl, and Msheireb, which obliges buyers of residential units to pay exorbitant fees for cooling, maintenance, street cleaning and other services ranging from 15% to 30%, and the investor, whether Qatari or foreign, cannot afford it, which leads to investors ‘ reluctance to buy in these areas, in addition to the sale and registration fees, which recorded high rates compared to the rest of Doha and other municipalities. He said that other countries in the region provide exemptions for real estate investors up to ten years, and here in Qatar we impose high fees on services that can be borne by the developer companies themselves, especially they are semi-government companies, stressing that the authority should intervene with the force of law to consider this issue, especially since it came to regulate the real estate sector and achieve prosperity for it.

One entity

Mr. Ahmed Al Kubaisi

Mr. Ahmed Al Kubaisi, general manager of Durrat Al Khaleej real estate and Contracting Company, believes that the authority has come in time to merge all government entities dealing in the real estate sector into one entity, so that it will – as stated in the terms of its establishment – prepare a national plan on organizing and stimulating the real estate sector to implement the strategy and public policy on this vital sector, taking into account the economic and social development plans of the state, and implement them after their adoption.

He said that the Qatari society, like other countries, needs a single entity to collect, update and analyze data, information and statistics related to the regulation and stimulation of the real estate sector, so that the authority will be a major source of data, information and accurate statistics related to the real estate development sector, in coordination with the competent authorities in the state.

Al-Kubaisi stressed the importance of integrating the services provided to the real estate sector and its employees in the authority, so that the investor, seller and buyer find everything they want in this authority without resorting to the Departments of many other aspects, as the goal is to facilitate the dealers in the real estate sector, in addition to easing the pressure on the authorities and ministries that were attached to departments providing services to the real estate sector, especially that the real estate sector leads the local economy after oil and gas and followed by dozens of other sectors and industries.

The Emiri Decree No. 28 of 2023 was issued on Tuesday to establish the General Authority for regulating the real estate sector, and a law was also issued amending some provisions of Law No. 6 of 2014 regulating real estate development

Last September, the Qatari Council of Ministers approved the decision to establish the General Authority for the regulation of the real estate sector, and the authority aims, within the framework of the state’s general policy, to regulate and stimulate the real estate sector, and contribute to its advancement.

The authority shall prepare a national plan on organizing and stimulating the real estate sector to implement the strategy and public policy on this vital sector, taking into account the economic and social development plans of the state, and implement them after their adoption.

The authority is tasked with collecting, updating and analyzing data, information and statistics related to the regulation and stimulation of the real estate sector, so that the authority will be a major source of accurate data, information and statistics related to the real estate development sector, in coordination with the competent authorities in the state.

Last February, the Qatari Shura Council approved a draft law amending some provisions of Law No. 6 of 2014 regulating real estate development.

Source: Al Raya Newspaper

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