The Ministry of Justice and Ministry of Municipalities had recently presented and discussed various initiatives to enable trust and transparency within Qatar’s real estate market, including the formation of RERA, how to transform Qatar into a data-driven real estate market, and the country’s vision for foreign investment at the recently held Property Finder Connect event held at QNCC. The event hosted more than 250 real estate decision-makers and thought leaders under one roof to connect, inspire and empower growth in Qatar’s real estate market.
During the event, the Ministry of Justice shared a summary of the real estate data insights in accordance with the landscape as well as the regulations and future projects that are designed to create a climate of trust and transparency in the real estate sector. This elaborated on the role of the Real estate brokerage department at MOJ and stressed on the importance of licensing and adhering to real estate laws and regulations.
The Ministry of Justice in Qatar has showcased its readiness to support the new RERA formation in their opinions, ideas and strategies by being its data partner. By providing them with the right data, they can enable the real estate market, and stakeholders in cooperation with their initiatives and future plans.
In this regard, said Mr. Khaled Al-Mahshadi, Director of the Real Estate Brokerage Department – Ministry of Justice, Qatar: “The impact of having licensed brokers reinforced the trust towards brokers and encouraged people to deal with them; licensing boosted the growth of these brokers.
The most extensive transparency is achieved by licensing all the brokerage agencies where their working mechanisms are inspected to protect their rights and those of the parties dealing with them. The list of licensed brokers is published on the MOJ’s website. In addition to sales transactions, data is updated weekly to supervise all sales transactions and prices so that the real estate brokerage department at the Ministry of Justice monitors these.”,
Since the Emir’s announcement of RERA’s formulation last Ramadan, the Ministry of Municipalities has been working hard in establishing the fundamental requirements such as structure, administrative systems and financial needs. While they have already started implementing many initiatives such as partnerships with the Private sector including Property Finder, and the Qatar Real Estate Forum in June, there is still more to come including attracting FDI’s.
Engineer Tariq Al-Tamimi, Director of the Technical Office at the Ministry of Municipality, reviews these efforts, saying: “We recently formulated a committee to tailor products and benefits such as permanent residency, eligibility to operate activities/businesses without a Qatari partner, and initiatives covering education and health services. The current infrastructure will help in this aspect. As for the foreign investor, we need to promote our properties. Here is the private sector’s responsibility with our support through exhibitions, whether within or outside Qatar, to attract foreign investments. We need to facilitate financing policies and opening bank accounts. We need a law that controls off-plan sales, introducing the landlords association. These are the products that the government can provide, be sure that we are working hard to provide this environment, but we need the private sector to work on promoting and marketing. I can ask this from the private sector”
Property Finder, the leading property portal in the MENA region, is working on various initiatives to make Qatar’s real estate marketplace a reliable and safe platform for consumers and partners to conduct successful business. By working hand in hand with the government, leveraging technology, making suitable investments, and harnessing data, Property Finder empowers their partners and consumers with the right tools and data to make informed decisions.
Dr. Cherif Sleiman, Chief Revenue Officer at Property Finder, elaborates on this vision, saying: “By implementing these measures, Qatar can promote trust and transparency in the real estate sector, attracting both local and international investors while protecting the rights of renters, buyers and sellers. Working closely with MOJ and RERA, we have embarked on a journey to deliver a seamless and trustworthy digital experience for all key players in the sector including consumers, brokers, developers, regulators and land department. We are committed to combine our technology, expertise, resources, and know-how to shape the future of the home-buying journey leaving an incredible mark on the real-estate industry.“
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