Saturday, 03 June 2023 08:23 GMT

Real Estate Regulatory Authority To Be Established Soon

(MENAFN- The Peninsula) sanaullah ataullah | The Peninsula

Doha: To further streamline the real estate sector in the country, a Real Estate Regulatory Authority for releasing statement and data about real estate market will be established soon, said an official.

“Following the vision of the country to adopt real estate strategy a committee was set up in 2020,” said Director of Technical Office at the Ministry of Municipality Eng Tariq Jumaa Al Tamimi.

Speaking to Qatar TV recently, he said that international consultancy firms were hired for a year for the development of the strategy.

“First the firms were hired for six months then their services were extended for another six months until we reached at a position to adopt the real estate strategy ... now we are moving to the implementation stage,” said Al Tamimi.

He said that real estate strategy will be implemented into phases.“First of all is the establishment of Real Estate Regulatory Authority which will be announced very soon after approval from the authorities concerned.”

He said that within the strategy, a real estate platform will be also launched to provide services to stakeholders of real estate sector including investors, developers, end users, brokers and operators.

“The role of the government is to regulator the real estate sector. Real Estate Regulatory Authority will play key role by releasing statement and data about real estate market,” said Al Tamimi.

He said that the investors will be able to evaluate the available investment opportunities in the market and take the decision accordingly and useful data will be also available for landlords and tenants for their uses.

“The availability of real and accurate data of real estate market will boost further the real estate sector of the country,” said Al Tamimi.

Last week, the Ministry of Municipality had released details of a draft to develop and launch the first phase of the real estate platform for Qatar.

The proposed platform will be based on collecting real estate data from its various sources, with the aim of uploading data in a central platform to achieve the future and strategic goals of the real estate sector in the country. The plan aims to develop a real estate central platform that provides indicators for stakeholders in the real estate sector by collecting and analysing real estate data from the various concerned authorities in the country.

The first phase of the platform is the basic foundation upon which the next phases are built to complete the development of the real estate platform. This real estate platform will provide the concerned authorities with an integrated system that can be used by analyzing the data provided by this platform that supports the principle of transparency, with the aim of facilitating guidance in signing contracts for all parties.


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