The new measures aim to provide accurate data and monitor to streamline the real estate sector while also attracting investors.
A top official has revealed that a Real Estate Platform designed to provide accurate data about the real estate market and services will be launched at the start of October.
Ahmed Al Emadi, Director of the Legal Affairs Department at the Ministry of Municipality, explained on Qatar TV that the platform will follow the Real Estate Development Strategy to further streamline the sector.
A number of measures are being taken to boost the real estate sector, including the establishment of a Real Estate Regulatory Authority, which will begin operations within two months, he explained.
“The platform will be set up following the Real Estate Development Strategy to further streamline the real estate sector.”
Al Emadi explained that the Real Estate Platform will be implemented in three phases, starting in October this year.
The first phase is to provide data and information to those operating in the real estate sector, such as occupancy rate, prices, and the number of deals made in a particular area. These statistics will help investors make informed decisions.
The second phase is to link the platform with government agencies, which is necessary to ensure smooth operations of the real estate sector.
Lastly, the third phase is to provide real estate services through the platform. Al Emadi anticipates that the platform will be fully operational within one to two years from the date of its launch.
Regarding the Real Estate Regulatory Authority, Al Emadi explained that it will be set up within two months, as per an Amiri Decision.
The authority will update the policies related to supply and demand according to the requirements of the real estate market, and provide information and data about the market for uploading on the platform.
“For establishing the authority there are operational plans for the coming period. The authority will see the light of day within two months,” said Al Emadi.
“It will provide information and data about the real estate market for uploading on the Real Estate Platform.”
Charges imposed by the real estate companies on the clients and some activities such as licensing for developers will also be monitored by the authority, he added.
Al Emadi emphasised that the recommendation to set up a Real Estate Regulatory Authority is the most important outcome of the Real Estate Strategy Development Committee.
The real estate sector of Qatar is contributing about 6.% to the national economy and attracts significant investment, and Qatar’s, according to Al Emadi, is one of the safest sectors in the world.