(MENAFN- The Peninsula) joel johnson |
The Peninsula
Doha, Qatar: The first day of the Qatar Real Estate Forum witnessed several experts providing insights into the industry as a whole and how it is performing in the GCC market.
During the session entitled 'Governance of the real estate sector', industry officials explicated the impact of regulations and legislation on the development of the real estate sector in the region.
The panelists included Saeed Abdulla Saeed Al Suwaidi, Assistant Undersecretary for Real Estate Registration and Authentication Affairs Chairman of the Committee for Non-Qatari Ownership and Use of Real Estate, representing Qatar, Eng. Abdullah Saud Al Hammad, CEO, Real Estate General Authority, Saudi Arabia, Eng. Essam Abdullah Khalaf, Chairman of the Board of directors of the Real Estate Regulatory Authority, Bahrain, Marwan Ahmed bin Ghalita, CEO of the Real Estate Regulatory Agency Dubai Land Department, UAE, Dani Kabbani, Managing Partner at Eversheds Sutherland and was moderated by Khalid Al Yahya.
Qatari official Al Suwaidi explained that“Today the governance in the real estate market is working very hard to develop ideas and make it successful”.
He lauded the position of Qatar in the realty industry as enormous projects are flowing in with modern infrastructures and facilities attracting investments.
He said: Today, Qatar is one of the best in the world and in the licensing of the construction sector, Qatar ranks 13th.”
The official also stated that by looking at accurate data, huge transactions and projects are being carried out in the country.
Expounding on the obstacles in the real estate sector in Saudi Arabia, one of the biggest GCC markets, Eng. Al Hammad said that“There are two main challenges for us in the real estate sector. They are not having clear ideas of activities and not unifying the strategic goals in terms of social and economic goals.”
He highlighted that GCC is the second biggest market for real estate and one of the key sectors includes housing.“There are three main stakeholders in the industry such as buyers, developers, and practitioners,” Eng. Al Hammad said.
The Saudi official also emphasised that the first edition of the real estate forum is a“platform that promises” various real estate activities to make a positive impact in the GCC market.
The experts also spoke on the legal and regulatory framework to promote Qatar's real estate industry in the country and on the establishment of the public authority for regulating the real estate sector.
Representing the Kingdom of Bahrain, Eng. Khalaf said“As we speak about this topic, the objective is to highlight the real estate authority which established the law. This law was made to enable the plans of development and to look at the main pillars supporting economies in the GCC and Bahrain.”
Eng. Khalaf also said that there are various complex issues involved including cities because“big investments are open for citizens in the GCC and for foreign nationals, they can invest in resorts, schools and other facilities available.”
The expert elucidated that these projects are implemented to maintain relationships between stakeholders, especially investors. He also said that“numerous success factors like stability, security and modern infrastructures and existing services for investors ensures a promising environment.”
“Health sector and educational services are also vital as investors must feel free to invest and feel that this country is like their own home. These laws will ensure that the investor acquires all of them,” he added.
For his part, Ghalita outlined the significance of the real estate sector in the UAE. He said,“I look at primarily two things, and that includes maintaining the rights and governance.”
He also stressed that any investor having the desire to work in the sector will need to maintain his right.