Municipality minister unveils Aqarat’s strategy for Qatar’s real estate sector

Posted by Admin December 15, 2024 World

Spread the love

HE the Minister of Municipality Abdullah bin Hamad bin Abdullah al-Attiyah unveiled sunday the Real Estate Regulatory Authority’s (Aqarat) strategy to strengthen Qatar’s position as a leading investment destination.

The new strategy, which was launched in the presence of several ministers, investors, and senior officials, aims to enhance the country’s status as a premier investment hub by regulating, stimulating, and promoting Qatar’s real estate sector, in line with the Third National Development Strategy, according to Engineer Khalid bin Ahmed al-Obaidli, the president of Aqarat.

Speaking during sunday’s ceremony held in Doha, al-Obaidli expressed enthusiasm for the new strategy’s launch and targeted initiatives. Al-Obaidli emphasised that the strategy is aligned with the Wise Leadership’s vision of income diversification, sustainable development, and fostering an attractive environment for real estate investment.

Al-Obaidli said, “Qatar’s distinctive qualities make it an ideal destination for all, offering a family-friendly environment and advanced infrastructure spanning transportation, communications and logistics sectors.

“Over the recent years, our country has emerged as a leading global hub, with the real estate sector as a key pillar of our national economy. This new strategy serves as our roadmap for its regulation and development, in line with the Qatar National Vision 2030.”

He further said the strategy marks a significant step towards establishing a sustainable and inclusive real estate sector that caters to the needs of both present and future generations.

“It underscores our commitment to reinforcing Qatar’s position as a preferred investment destination while realising our leadership’s vision to create a competitive environment that attracts investments,” al-Obaidli noted.

He explained that the comprehensive strategy is built on five key pillars: developing a national plan for the real estate sector through supportive policies that promote sustainable development and align with local and international real estate market needs; activating real estate regulations by establishing the Licensing Committee; creating a real estate development registry to enhance market transparency; overseeing the escrow account initiative; and activating the Dispute Resolution Committee.

Additional pillars include enhancing professional standards by improving quality through the real estate valuation system governance; establishing an internationally aligned regulatory framework for practitioner licensing and classification; delivering advanced digital solutions to streamline procedures; and launching initiatives that promote transparency and facilitate easy data access and expanding investment opportunities to solidify Qatar’s position as a premier investment and family-friendly destination.

This will be achieved by organising local and international real estate forums and actively promoting investment opportunities within the country, al-Obaidli also pointed out.

He emphasised that Aqarat reaffirms its dedication to advancing Qatar’s real estate sector and ensuring the successful implementation of the strategic objectives. “This commitment supports the broader vision of positioning Qatar at the forefront of global investment and fostering a sustainable and attractive business environment that benefits the national economy, fulfilling the aspirations of future generations,” al-Obaidli added.