Legalists and real estate agents confirmed that the establishment of the Public Authority for Regulating the Real Estate Sector in accordance with Emiri Resolution No. (28) of 2023 issued yesterday will advance economic and urban development, and work to revitalize the sector by increasing the supply of housing, investment, service and tourism units. Lawyers and specialists in the real estate sector said in a survey by Qatari media that this authority will work to put in place legalized regulatory mechanisms to benefit from the real estate units available in the market and will work to protect buying and selling operations from manipulating unit prices and causing imbalances and unjustified increases. Lawyers and experts confirmed that the concerned authority completes the system of new laws that deal with real estate, including documentation, mediation, brokerage, real estate registration, real estate ownership for non-Qataris, and permanent residence, which the authority will serve on practical and methodological bases that work to set specific controls. They pointed out that the real estate sector is witnessing rapid growth in the market, with an increase in demand for all real estate units, whether service, tourism, residential or commercial, with the economic and urban renaissance that it is witnessing in all sectors. Experts said that the owners of local investments, young people and families, have promising opportunities that must be taken advantage of and buy what is available, especially in light of the state’s care and follow-up of real estate prices and maintaining their stability.. Below are the details of the meetings: Mansour Al-Nuaimi: An incentive to continue the real estate boom Al Amiri establishment of an authority to regulate the real estate sector constitutes a great incentive to continue the real estate boom in the country, through its work to develop regulatory mechanisms supported by laws and legislations related to the real estate sector, which will achieve great stability in the real estate market to the extent that attracts local and international real estate investments and entry into the market. The Qatari who enjoys a high degree of security thanks to the laws regulating the sector and the presence of the responsible body. Al-Nuaimi pointed out that the presence of the authority will contribute to protecting the real estate market from manipulation in the prices of buying and selling operations that harm the market a lot and impede the real estate development process that the country is witnessing, with the existence of a system of strict regulatory laws and legislations concerned with the real estate sector, such as documentation, mediation, brokerage, real estate registration, and others. He explained that the real estate sector will witness great activity during the coming period and an increase in demand for real estate units, which represent attractive opportunities for investment in various types of real estate investments, whether they are residential or commercial units, towers, tourist facilities, hotels and other real estate units. Lawyer Abdullah Al-Hajri: A step to legalize the real estate market Lawyer Abdullah Noemi Al-Hajri, member of the Board of Directors of the Qatar Lawyers Association, confirmed that the establishment of the General Authority for Regulating the Real Estate Sector is a pioneering step to legalize the real estate market, establish regulatory mechanisms for it, and formulate effective procedures to maintain the stability of the real estate market, especially in light of the qualitative renaissance taking place in the country. He said that the establishment of the General Authority for Regulating the Real Estate Sector is a leap in the process of construction and reconstruction, and this is related to the organization of buying and selling operations and the mechanisms of regulation of services and technologies that entered the real estate sector and marketing, and is also linked to the method of modernizing real estate services and the mechanisms of promoting it locally and globally in order to preserve it and work on its stability. He stressed that the decision is a remarkable and deliberate step that enhances the growth the country is witnessing in all sectors, and is in line with Qatar Vision 2030 in creating a safe environment for the economic process. Attorney Mona Al-Mutawa: Amendments for those licensed to practice real estate development Attorney Mona Al-Mutawa, member of the Board of Directors of the Qatar Lawyers Association, confirmed that the amendment of some provisions of Law No. (6) of 2014 regulating real estate development came in line with the legislative renaissance taking place in the country. The amendments came in the text of the law to establish a special register for those licensed to practice real estate development, and another register for those licensed to practice the profession. The amendments came to define the obligations of the real estate developer, while the project regulated the relationship between the developer and the bank, so that the amendments stipulated opening an account by agreement between them, according to which the rights and obligations of each of them are determined, and what the agreement should include. She said: The amendments included obligating the developer to submit an account statement of the amounts he spent on the project, granting the employees of the General Authority for Real Estate Regulatory the judicial authority, and establishing a “licensing committee” in the authority, entrusted with the competence to issue licenses for real estate development, licenses for developers and licenses for companies operating in the field of real estate development. Management and maintenance of real estate under development. Jaber Al-Marri: The New Authority to Advance Development Mr. Jaber Al-Marri – a businessman – said that the establishment of the authority contributes greatly to advancing economic development, because it will include a number of experts and knowledgeable about real estate and those experienced in the local market to develop field and systematic studies of the real estate market. He added that the establishment of this authority is a natural and gradual continuation of a number of new laws dealing with real estate affairs, including documentation, real estate registration and mediation, as it puts matters into perspective and sets its priorities. He noted that the local market today is witnessing a boom in the real estate sector, and there is a demand for units of all classifications and forms, which are very much needed by real estate developers, entrepreneurs and business owners. He explained that real estate opportunities are a long-term real estate investment or a purchase of housing. He said: The real estate market is fixed and stable and was not affected by global fluctuations except in a small way, not like other countries in which the real estate market was disturbed, adding that real estate and housing units are available at reasonable prices within the reach of people’s monthly incomes. Attorney Suha Al-Mohannadi: An attractive environment for real estate investments. The decision provides an attractive regulatory, legal and legislative environment for medium and large real estate investments that will contribute to the development process in the country. Lawyer Al-Mohannadi said that the presence of an authority to regulate the real estate sector, in addition to the existence of a law regulating real estate development, represents a qualitative leap towards stimulating the real estate sector and attracting local investments, given that real estate investment is a safe investment that investors prefer, since the property, whether it is a vacant land, a commercial building, a residential building, or a tower, is considered protection. For cash and financial liquidity from being lost and losing its value, pointing out that the presence of the Authority and the law provides new and promising opportunities for investors to enter the market with high confidence. And block the way for fictitious brokerage and manipulation of real estate prices in the country through binding laws that regulate the work of real estate brokerage.
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