New 'Aqarat' Strategy Aims To Boost Real Estate Sector, Attract Investment

(MENAFN- The Peninsula) Sanaullah Ataullah | The Peninsula

Doha, Qatar: Minister of Municipality H E Abdullah bin Hamad bin Abdullah Al Attiya unveiled strategy of the Real estate Regulatory Authority (Aqarat) yesterday.

The strategy aims to strengthen Qatar's position as a leading investment destination by regulating, stimulating and promoting the real estate sector, in line with the Third National Development Strategy.

The strategy is based on five key pillars: developing a national plan for the real estate sector, activating real estate regulations, enhancing professional standards, delivering advanced digital solutions, and expanding investment opportunities.

• Qatar to reopen embassy in Damascus, Syria from December 17
• Qatar National Day celebrations kick off at Katara
• Qatar strongly condemns Israel's approval of settlement expansion plan in occupied Golan Heights
• Prime Minister receives phone call from EU High Representative for Foreign Affairs and Security Policy

The launch ceremony was attended by Minister of Justice and Minister of State for Cabinet Affairs H E Ibrahim bin Ali Al Mohannadi, senior officials, and investors.

Addressing the event, President of Aqarat H E Eng Khalid bin Ahmed Al Obaidli, expressed enthusiasm for the new strategy's launch and its targeted initiatives. He emphasised its alignment with the leadership's vision of income diversification, sustainable development and fostering an attractive environment for real estate investment.

“Qatar's distinctive qualities make it an ideal destination for all, offering a family-friendly environment and advanced infrastructure spanning transportation, communications and logistics sectors. Over the recent years, our country has emerged as a leading global hub, with the real estate sector as a key pillar of our national economy. This new strategy serves as our roadmap for its regulation and development, in line with the Qatar National Vision 2030,” Al Obaidli said.

He added:“The strategy marks a significant step towards establishing a sustainable and inclusive real estate sector that caters to the needs of both present and future generations. It underscores our commitment to reinforcing Qatar's position as a preferred investment destination while also realising our leadership's vision to create a competitive environment that attracts investments.”

The comprehensive strategy is built on five key pillars: developing a national plan for the real estate sector through supportive policies that promote sustainable development and align with local and international real estate market needs; activating real estate regulations by establishing the Licensing Committee; creating a real estate development registry to enhance market transparency; overseeing the escrow account initiative; and activating the Dispute Resolution Committee.

Additional pillars include enhancing professional standards by improving quality through the real estate valuation system governance; establishing an internationally aligned regulatory framework for practitioner licensing and classification; delivering advanced digital solutions to streamline procedures ; launching initiatives that promote transparency and facilitate easy data access and expanding investment opportunities to solidify Qatar's position as a premier investment and family-friendly destination. This will be achieved by organising local and international real estate forums and actively promoting investment opportunities within the country.

The Real Estate Regulatory Authority reaffirmed its dedication to advancing Qatar's real estate sector and ensuring the successful implementation of these strategic objectives.

This commitment supports the broader vision of positioning Qatar at the forefront of global investment, fostering a sustainable and attractive business environment that benefits the national economy and fulfils future generations' aspirations.

MENAFN16122024000063011010ID1108995919