Qatar Chamber, Real Estate Regulatory Authority review ways to bolster the sector

01-04-2024

The Qatar Chamber (QC) recently held a meeting with HE Eng. Khalid Ahmed Saleh Ahmed Al Obaidli, Chairman of the Real Estate Regulatory Authority, in the presence of 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.

The meeting addressed the most prominent challenges facing the real estate sector and discussed ways to solve them through fostering cooperation between both parties.

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 emphasized 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, emphasized 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.

In his remarks, HE Mohamed bin Twar emphasized the significance of the real estate sector as one of the most important economic sectors. He praised the Authority’s prompt response to the Chamber’s invitation for this meeting, which aims to address all challenges and obstacles facing the sector, and to learn from the private sector’s viewpoints and proposals.

Abdulrahman bin Abduljaleel Al Abdulghani, board member and Chairman of the Real Estate Committee, stressed the Committee’s interest to foster collaboration with the Authority and all concerned bodies to address all challenges and streamline investments and businesses in the sector.

He affirmed that the Committee would follow up on the outcomes of this meeting as part of its role to enhance collaboration with real estate companies, and understand the most important challenges they face, stressing that it acts as a linkage between the government and the private sector.

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 emphasized 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 emphasized that the Authority prioritizes attracting foreign investments as well as domestic investments from both citizens and residents by offering them special benefits.

“The Authority is currently preparing to organize 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 organized to showcase investment opportunities in new cities.” he said. He also emphasized the significance of promoting investment opportunities available in Qatar’s real estate sector to international markets. Including issues related to the Law on Commercial Shops, the proportion of commercial buildings, commercial streets, rental fees, licensing procedures, as well as concerns regarding lengthy processes, bureaucratic complications, and other relevant matters.

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