The Qatar Chamber (QC) recently held a meeting with the Real Estate Regulatory Authority to address the most prominent challenges facing the real estate sector and discuss ways to solve them through fostering cooperation between both parties.
The meeting was led by HE Eng Khalid Ahmed Saleh Ahmed Al Obaidli, Chairman of the Real Estate Regulatory Authority and QC Chairman HE Sheikh Khalifa bin Jassim Al Thani, and First Vice-Chairman HE Mohamed bin Twar Al Kuwari.
Also present at the meeting were several QC board members, board member and Chairman of the Real Estate Committee, Abdulrahman bin Abduljaleel Al Abdulghani, along with numerous members of the Committee, the Acting General Manager, and a number of Qatari businessmen.
In his remarks, HE Sheikh Khalifa bin Jassim said that the Qatari real estate sector has witnessed significant development in recent years, attributed to leading legislation and the state’s substantial investments in infrastructure projects. He emphasised that this has led to an increased contribution of this vital sector to the national economy.
Sheikh Khalifa also noted that projects being implemented by the state under the Qatar National Vision 2030 provide additional opportunities for the development of the real estate market in the country with genuine participation from the private sector. He pointed out that the real estate sector is currently facing many challenges that require combined efforts to resolve.
For his part, HE Eng Khalid Ahmed Saleh Ahmed Al Obaidli, Chairman of the Real Estate Regulatory Authority, emphasised the Authority’s keenness to learn about challenges facing businessmen and investors in the sector. He noted that the state has implemented mega projects within a short time frame to host international events such as the FIFA World Cup 2022, affirming that this has helped accelerate the real estate boom in the state.
Al Obaidli underscored the Authority’s commitment to intensify discussions with all relevant bodies before enacting legislation and laws.
Elaborating on its roles, he said that the authority aims to organise and stimulate the real estate sector, foster private sector growth, remove obstacles, and streamline procedures. Further, it aims to activate legislation and laws that contribute to the advancement of the real estate sector. It also works to collect business owners’ viewpoints, study them, and address the relevant authorities to find appropriate solutions.
HE Eng Al Obaidli also outlined the authority aims at stimulating and regulating the real estate sector, ensuring compatibility of laws and legislation with the market, attracting foreign investments, and issuing licenses for real estate developers. ‘One of the most important initiatives to be launched soon is the adoption of international real estate specifications that are commonly used in the leading countries in the real estate sector,’ he added.
Regarding the most prominent upcoming projects, Al Obaidli pointed out that the Authority would soon launch a number of initiatives with various stakeholders and develop the legislative structure, highlighting its commitment to serving as a motivator and partner for the private sector in this regard.
It would also enact soon the Real Estate Development Regulation Law, addressing various challenges. Further, he indicated that the Authority would establish a digital platform containing all authenticated information about the state’s real estate market, and it would activate the real estate dispute resolution committees.
The meeting addressed numerous challenges facing the real estate sector and proposals aimed at its development. It highlighted a proposal to organise a local conference to discuss procedures and legislation, and to provide recommendations for the advancement of the sector.
During the meeting, several business owners expressed the need for a review of service fees on properties in new cities. They stressed that these fees were not in the interest of investors and did not contribute to the sector’s development.
In response to inquiries from businessmen, HE Eng Al Obaidli said that discussions were underway with real estate developers to reconsider service fees. Additionally, he emphasised that the authority prioritises attracting foreign investments as well as domestic investments from both citizens and residents by offering them special benefits. ‘The Authority is currently preparing to organise the second edition of the real estate conference in October which will be held annually to promote the sector. Further, several field tours will be organised to showcase investment opportunities in new cities.’ he said. He also emphasised the significance of promoting investment opportunities available in Qatar’s real estate sector to international markets.
Check out Marhaba’s FREE e-Guides for everything you need to know about Qatar.
