DOHA: House and commercial property rents are expected to be “reasonable” once the new real estate brokerage business law comes into force, says a market expert.
The draft law is, though, at its initial stage and being discussed by those concerned, it is expected to see the light of day within this year.
“I don’t think rents would decrease once the new law comes into force since they are linked to supply and demand, but they would become reasonable because the deals would be better organised and regulated,” Ahmed Al Oruqui told this newspaper.
He told a local Arabic daily in remarks published yesterday that the law would prevent speculation in real estate transactions and bring price stability to the market.
Other market operators told the daily that there were an estimated 1,000 real estate brokerage firms in the country and they were eagerly looking forward to the new law since it would eliminate illegal middlemen from their business.
Brokerage commissions in real estate and rent-related transactions would be reduced and deals would be streamlined, they said.
The Peninsula
