Doha: The Real Estate Platform to provide accurate data about real estate market and services will be launched at the start of October, said a top official.
“The platform will be set up following the Real Estate Development Strategy to further streamline the real estate sector,” said Director of the Legal Affairs Department at the Ministry of Municipality, Ahmed Al Emadi.
Speaking to Qatar TV, he said a number of new measures are being taken to boost the real estate sector such as establishing Real Estate Regulatory Authority, which will see the light of the day within two months.
“The Real Estate Platform will be implemented in three phases starting from October this year,” said Al Emadi.
He said the first phase is to provide data and information to those operating in real estate sector, for example occupancy rate, prices, and number of deals made in a particular area.
“The aforementioned information is very important for investors and companies working in real estate sector for taking right decision.”
The statistics will help investors make informed decisions. “The second phase is to link the platform with government agencies, which is very necessary to ensure smooth operations of real estate sector,” said Al Emadi. He said the third phase is to provide real estate services through the platform. “The platform will be fully operational within one or two years from the date of its launch in October,” said Al Emadi.
Speaking about Real Estate Regulatory Authority, he said it will be set up within two months
He said Amir H H Sheikh Tamim bin Hamad Al Thani has issued Amiri Decision No 28 of 2023 for establishing Real Estate Regulatory Authority.
“For establishing the authority there are operational plans for coming period. The authority will see the light of the day within two months,” said Al Emadi.
Speaking about the function of the Authority, he said it will update the policies related to supply and demand according to the requirements of the real estate market.
“It will provide information and data about real estate market for uploading on the Real Estate Platform,” said Al Emadi. The authority will also monitor the charges imposed by the real estate companies on the clients. It will also monitor some activities such as licensing for developers. These are major functions of the authority, Al Emadi said.
He said the most important outcome of the Real Estate Strategy Development Committee is its recommendation to set up a Real Estate Regulatory Authority.
He said real estate sector of Qatar, which is contributing about 6.5 percent to the national economy, is a very important sector as it attracts huge investment. “The real estate sector of Qatar is one of the safest sectors of the world.”
