Steps to boost real estate sector soon

Officials of Qatar Chamber and Real Estate Regulatory Authority have held a meeting to address some of the most prominent challenges facing the real estate sector and discussed ways to solve them through fostering co-operation between both parties.The meeting was held in the presence of Real Estate Regulatory Authority chairman Khalid Ahmed Saleh Ahmed al-Obaidli, Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani, and first vice-chairman Mohamed bin Towar al-Kuwari.Also present at the meeting were several Qatar Chamber board members, including the chamber’s Real Estate Committee chairman, Abdulrahman bin Abduljaleel al-Abdulghani, acting general manager Ali Saeed bu Sherbak al-Mansouri, and several Qatari businessmen.Al-Obaidli revealed that the authority will soon launch several initiatives in collaboration with relevant entities to boost the real estate sector in addition to plans to enhance the legislative framework, emphasising the authority's commitment to being a catalyst and partner for the private sector in this regard.Sheikh Khalifa said the Qatari real estate sector has witnessed significant development in recent years, citing leading legislation and the state’s substantial investments in infrastructure projects. He emphasised that this has led to an increased contribution of this vital sector to the national economy.Sheikh Khalifa also noted that projects being implemented under the Qatar National Vision 2030 provide additional opportunities for the development of the country’s real estate market with genuine participation from the private sector, adding that the real estate sector is currently facing many challenges that require combined efforts to resolve.For his part, al-Obaidli emphasised the authority’s keenness to learn about the challenges facing businessmen and investors in the sector. He noted Qatar has implemented mega projects within a short timeframe to host international events like the 2022 FIFA World Cup, affirming that this has helped accelerate the sector’s growth.He underscored the authority’s commitment to intensify discussions with all relevant bodies before enacting legislation and laws. Elaborating on its roles, he said the authority aims to organise and stimulate the real estate sector, foster private sector growth, remove obstacles, and streamline procedures.Further, it aims to activate legislation and laws that contribute to the advancement of the real estate sector. It also works to collect business owners’ viewpoints, study them, and address the relevant authorities to find appropriate solutions, he said.Al-Obaidli also outlined the authority's aim to stimulate and regulate the real estate sector, ensuring compatibility of laws and legislation with the market, attracting foreign investments, and issuing licenses for real estate developers."One of the most important initiatives to be launched soon is the adoption of international real estate specifications that are commonly used in the leading countries in the real estate sector,” he noted.It would also enact soon the Real Estate Development Regulation Law, addressing various challenges. Further, he said the authority would establish a digital platform containing all authenticated information about Qatar’s real estate market and that it would activate the real estate dispute resolution committees.In his remarks, al-Kuwari emphasised the significance of the real estate sector as one of the most important economic sectors. He lauded the authority’s prompt response to the chamber's invitation for this meeting, which aims to address all challenges and obstacles facing the sector and to learn from the private sector's viewpoints and proposals.Al-Abdulghani stressed the chamber’s Real Estate Committee’s interest in fostering collaboration with the authority and all bodies concerned to address all challenges and streamline investments and businesses in the sector.During the meeting, several business owners expressed the need for a review of service fees on properties in new cities. They emphasised that these fees were not in the interest of investors and did not contribute to the sector’s development.In response, al-Obaidli said discussions were underway with real estate developers to reconsider service fees. Additionally, he emphasised that the authority prioritises attracting foreign investments, as well as domestic investments from both citizens and residents by offering them special benefits."The authority is preparing to organise the second edition of the real estate conference in October, which will be held annually to promote the sector. Further, several field tours will be organised to showcase investment opportunities in new cities,” he said, citing the significance of promoting investment opportunities available in Qatar’s real estate sector to international markets.