Ashraf Siddiqui
Doha
Minister of Municipality HE Abdullah bin Hamad bin Abdullah Al Attiya on Sunday unveiled the Real Estate Regulatory Authority’s (Aqarat) strategy to strengthen Qatar’s position as a leading investment destination by regulating, stimulating and promoting its real estate sector, in line with the Third National Development Strategy.
The new strategy was unveiled in the presence of several ministers, senior officials, investors, representatives of real estate companies, representatives of audit companies, and senior officials.
Aqarat President 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.
He said, "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.”
The strategy, he noted, 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,” Obaidli said.
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 reaffirms 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.
Talking to Qatar Tribune on the occasion, Nassif Haydamous, cluster general manager of Le Mirage Property Management, said the event was informative and well-organised, though more is needed.
He emphasised the importance of having a platform to regulate the real estate market, understand rates, and track competition, adding that this platform is essential to navigate the current market.
Haydamous said the real estate industry would continue to grow, and such a platform will be key to preventing a chaotic situation.
Hassan Aslam, assistant director of Financial Advisory at Deloitte, said the initiative is exciting and crucial for Qatar’s development.
He highlighted the significance of the newly established authority, which centralises real estate activities.
Aslam stressed that it will foster investment, create transparency, and provide valuable data for investors and developers to make informed decisions, adding that these steps will enhance market transparency and encourage future investment.