DOHA -- The Qatari government approved a draft law that specifies requirements to practice real estate brokering in the country. Previously outside of any specific law until now, the new law will set obligations and disciplinary accountabilities of the real estate brokers.
Industry experts feel the new law will bring increased transparency and accountability to the real estate industry and lead to a higher level of standardization and consistency being adopted in the Qatar real estate market.
According to the Qatar Statistics Authority (QSA), the population stood at 2.34 million in March, fuelling property demand, creating numerous business opportunities for real estate agents and brokers, many of whom are not necessarily well trained.
The cabinet meeting also approved two separate sets of draft laws to streamline the real estate registration, and the documentation and notary processes.
"The preparation of the mentioned draft laws came within the framework of the development of real estate registration and documentation systems aimed at protecting real estate wealth of the state and individuals, and to keep up with the requirements of the comprehensive development in Qatar," said Deputy Prime Minister and Minister of State for Cabinet Affairs Ahmed bin Abdullah Al Mahmoud in a statement issued after the cabinet meeting.
Proudley pointed out: "In Dubai, the regulation of brokers along with registration requirements has enhanced the market and increased transparency. These are factors that have played a key part in the recent softening of the Dubai market and the prevention of what looked like another bubble followed by a bust."
Mark Proudley, associate director of DTZ Qatar Consultancy, said: "We would welcome legislation that regulates real estate brokers and their activities and we consider it long overdue in Qatar," according to The Edge.
"We anticipate that it will take time to both finalize the legislation and then implement, but it should provide investors, landlords and tenants with greater comfort that they are dealing with a qualified professional," he said.
© The Saudi Gazette 2015
