(MENAFN- The Peninsula) sanaullah ataullah |
The Peninsula
Doha, Qatar: The Ministry of Municipality is developing Property Owners' Association Law and other laws and regulations to govern real estate sector, which are being prepared with the concerted efforts of all relevant ministries and agencies in the country, including the Ministry of Justice.
Minister of Municipality H E Dr. Abdullah bin Abdulaziz bin Turki Al Subaie said that the Ministry is supporting the development and regulation of real estate sector through the preparation of laws, legislation and regulations that will help in regulating the real estate sector, which include amending the“Real Estate Development Law” that was approved in 2023.
He said that it also included the issuance of the“sorting of real estate and real estate units” decision, which regulates off-plan sales. The Minister was speaking yesterday in a panel discussion on 'Future Trends in Real Estate' at First Qatar Real Estate Forum which is being held at Sheraton Hotel.
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The panellists also included H E Mutlaq Naief Omar Abu Raqaba Al Otaibi, Minister of Electricity, Water and Renewable Energy and Minister of State for Housing, Kuwait and H E Eng. Hamad Ali Sulaiman Al Nazwani, Undersecretary of Oman's Ministry of Housing and Urban Planning for Housing, Oman. Mohamed Al Marri moderated the session.
The Minister of Municipality added that the Ministry is currently working on establishing a unified electronic real estate platform since the beginning of the first quarter of this year, with the aim of developing a central real estate platform that provides real estate indicators for stakeholders in the real estate sector in Qatar.
He said that the platform will ensure transparency and provide support to decision makers in that sector.
“The project is based on collecting real estate data from its various sources in the Ministry of Municipality and other relevant parties in the Qatar, to analyze and upload real estate data in a central platform, to achieve the future and strategic goals of the real estate sector in the Qatar,” said Al Subaie.
He said that these steps are within the support of the Ministry and all development partners to transform the sector into a sustainable industry.
The Minister said that the government reinforced these steps with the issuance of Amiri Decision No. 28 of 2023, to launch the“Real Estate Regulatory Authority”. He said that Authority will be responsible for creating an attractive real estate investment environment, which requires assistance and support from all relevant ministries and agencies in the real estate sector.
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The Ministry will support this through the preparation and implementation of a number of projects that will promote the development of the real estate sector and make it a competitive sector at the regional and global levels, such as the“National Strategy for Open Areas and Recreational Activities” that is being prepared.
He said that the project aims to provide a national network of open areas to improve the environment.“It will enhance the humanization of cities and provides a range of opportunities that attract investors to develop recreational activities and projects, and projects related to the development of sustainable infrastructure for the municipalities across Qatar in accordance with the highest international standards and sustainability standards,” said the Minister.
Mutlaq Naief Omar Abu Raqaba Al-Otaibi touched on the government and private real estate sector in Kuwait, which is characterized by diversity.
He said that since the sixties of the last century, the country has witnessed remarkable development, as more than 90,000 housing units were distributed, and projects for residential cities and industrial and commercial areas were established.
Eng. Hamad Ali Sulaiman Al Nazwani talked on the most important axes of the national strategy for urban development, which are attracting investment and encouraging the real estate structure in line with transparency and development, and contributing to the growth of the domestic product, pointing to the taking of great steps in recent years, including the adoption of real estate brokerage and the regulation of the real estate sector.