Doha: The Real Estate Regulatory Authority (Aqarat) has announced the implementation of Law No. (6) of 2014, which regulates the real estate sector in the State of Qatar. This initiative aligns with the efforts to develop the sector and enhance the investment environment in accordance with Qatar National Vision 2030.
According to Qatar News Agency, HE Chairman of the Real Estate Regulatory Authority (Aqarat), Eng. Khalid bin Ahmed Al Obaidli, emphasized during a press conference that this step marks a significant advancement in enhancing transparency, protecting the rights of all parties, and regulating the real estate market according to the highest standards. The Authority has introduced the initial registration process for real estate developers and established a Licensing Committee responsible for overseeing registration and licensing processes with transparency and discipline.
The Real Estate Development Dispute Resolution Committee was also established as a specialized platform for the fair and rapid resolution of real estate disputes, thereby enhancing market confidence. Instructions were issued to establish a real estate development escrow account in partnership with Qatar Central Bank (QCB), requiring developers to open dedicated bank accounts for each project to ensure buyers' funds are used exclusively for project implementation.
HE Eng. Al Obaidly explained that licensing for real estate developers and development projects will commence based on precise criteria to ensure market credibility and efficiency. The Authority aims to strengthen its oversight role in project implementation and monitor developers' compliance with approved requirements and specifications.
The press conference also saw the signing of memoranda of understanding (MoUs) with JMJ Holding Group and Commercial Bank, aimed at bolstering public-private partnerships and developing the real estate investment environment. CEO of JMJ Holding, HE Sheikh Jabor bin Mansour Jabor Al-Thani, expressed appreciation for Aqarat's efforts in establishing a sustainable investment environment with clear legal systems that foster trust and transparency.
HE Sheikh Ali bin Abdullah Al-Thani, Assistant General Manager and Head of Government Sector at Commercial Bank, highlighted that the bank was proud to be the first in Qatar to launch the Real Estate Escrow Account in cooperation with Aqarat, a step that aligns with the bank's vision to support national development.
During the conference, Al Obaidly addressed journalists' questions, reaffirming that the implementation of the Real Estate Regulatory Law will ensure complete transparency for investors. Aqarat will periodically monitor compliance with sector requirements, aiming to be a primary source of real estate data in the country. Data will be made available on Aqarat's website, utilizing advanced technological standards, including artificial intelligence.