New body to monitor real estate dealings

February 02, 2014 - 2:11:52 am

DOHA: Qatar may soon have a special body armed with powers to regulate the booming real estate sector in the country and monitor prices.

Preparations are on to set up an authority with powers to effectively interfere in the real estate market and protect the interests of buyers, investors and property owners, according to Al Sharq.

The authority will also intervene in rent-related disputes and monitor implementation of the rent law. More importantly, it will have powers to regulate prices by fixing the minimum and maximum limits for rent hikes, in line with the law.

The proposed authority will also monitor the activities of investors, developers and middlemen in the real estate market and issue licences for their work.

Another major task for the authority will be to keep an eye on demand-supply fluctuations in the market and lay down mechanisms to bring stability to this key sector.

A draft law has been drawn up to establish the authority, and it specifies its role, powers and jurisdiction. Once created, it is expected to give a major boost to the economy, especially private sector investments.

It will be tasked with constantly monitoring the market and putting in place a mechanism to curb unusual price hikes and protect the interests of buyers and property owners.

In October last year, the State Cabinet had announced measures to issue a draft law regulating real estate development, following recommendations by the Advisory Council.

It aims at updating new types of dealings to safeguard rights, preserve properties and speed up settlement of development-related disputes.

The total number of real estate deals inked during the third week of last month increased by over 78 percent compared to the previous week, indicating the rapid growth the sector is witnessing, according to data released by a leading industry player.

The combined value of real estate transactions during the week crossed the QR1bn mark, compared to QR982.2m in the previous week, witnessing an increase of 3.3 percent, according to the latest weekly bulletin issued by the Real Estate Registration Department at the Ministry of Justice.

THE PENINSULA

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