Chairman of the Real Estate Regulatory Authority - Aqarat Eng. Khalid bin Ahmed Al Obaidli.
Doha, Qatar: The Real Estate Regulatory Authority – Aqarat held a session yesterday with the real estate developers to discuss the challenges facing real estate investment in Qatar.
A comprehensive plan to regulate the sector, license developers and projects and enhance transparency was presented in the presence of Chairman of the Real Estate Regulatory Authority (Aqarat) Eng. Khalid bin Ahmed Al Obaidli.
The session shed light on the most prominent challenges related to real estate investment in Qatar, as part of its efforts to develop the real estate ecosystem and enhance direct engagement with sector partners.
It addressed real estate market performance indicators which showed significant growth recently. It also discussed challenges related to the lack of integrated data on real estate supply and highlighted the importance of developers’ cooperating in providing the Authority with data on their future projects to support market analysis and decision-making.
Participants also discussed several regulatory topics, including the importance of the initial property registration as a first step in ownership, linking real estate residency to fulfilling regulatory requirements, and reviewing the ‘Real Estate Developer Journey’ initiative, which aims to simplify procedures and clarify the regulatory path for developers.
The session also touched upon initiatives to promote Qatar and attract investors, operational challenges, and ways to enhance coordination with relevant service entities.
Aqarat emphasised the importance of providing accurate and reliable real estate data and improving the quality of projects and real estate units offered which contributes to enhancing transparency, increasing the efficiency of the real estate market, and achieving a balance between supply and demand.
The Authority presented its comprehensive plan to regulate the sector and license real estate developers, noting that the first phase of implementing the law focused on preparation and regulation which resulted in the licensing and registration of a number of developers in the approved registry, with their data made available through Aqarat’s official platforms.
The current phase focuses on implementing legislation and strengthening oversight to ensure compliance with the legal frameworks governing the sector.
It affirmed that no project may be offered for sale off-plan until the licensing procedures are completed and all necessary approvals are obtained. It emphasised the importance of adhering to applicable laws and regulations to safeguard the rights of all stakeholders.
Aqarat also noted the completion of the legal framework for the real estate sector through the activation of several specialised committees and the implementation of escrow accounts in coordination with relevant entities.
Addressing the event, Director of Legal Affairs at Aqarat, Jassim Abdulrahman Al Derhem, said the authority had begun taking legal action against violators. He pointed out that Aqarat staff has been granted judicial enforcement powers, in coordination with the Public Prosecution, to identify unlicensed activity.
