Doha: HE Chairman of the Real Estate Regulatory Authority Khalid bin Ahmed Al Obaidli emphasized the significance of Law No. 5 of 2024 on real estate registration, issued by HH the Amir Sheikh Tamim bin Hamad Al-Thani recently, as it includes new articles and provisions that will contribute to regulating the sector and enhance its investment attractiveness through advanced electronic facilities and services that serve all stakeholders and those dealing with the real estate sector in the country.
HE Chairman of the Real Estate Regulatory Authority praised the efforts of the Ministry of Justice and its role in preparing the law in a step that is the first of its kind since the issuance of Law No. 14 of 1964 on the real estate registration system and the laws amending it to keep pace with the comprehensive renaissance of the country in various real estate fields and to enhance future trends in the real estate sector. This includes facilitating access by citizens, investors, owners, and beneficiaries of real est
ate to real estate registration services in accordance with the best systems and experiences in force in this field. He indicated that the procedures included in the law will facilitate buying and selling transactions, especially for investors from inside the country and abroad, and will support the efforts of local real estate developers in implementing major real estate projects that support the local real estate sector.
His Excellency pointed out that the new law will provide the optimal framework for off-plan sales, which has been coordinated between the Authority and the relevant authorities, including the Ministry of Justice. He pointed out that these benefits will be launched in the future within a set of laws that are being activated in the coming period, in addition to the law regulating real estate development, which will contribute to solving some of the challenges that the sector was facing, such as sorting and off-plan sales.
HE Khalid bin Ahmed Al Obaidli highlighted that the new law will cons
titute a qualitative leap in the field of transparency and improve the investment environment by providing clear data for investors in transactions by noting on the real estate newspaper the rulings issued on the property, which will allow the investor to view all real estate data, and whether there was any seizure, mortgage, or judicial ruling issued on the property. He noted that the Authority is currently working to update the real estate platform in cooperation and coordination with the relevant authorities, including the Ministry of Justice, which is gratefully cooperating with the Authority in the platform project, providing the Authority with data on real estate units, and ensuring the accuracy of this data and its preparation with the quality that serves customers and decisionmakers, as it will soon launch a number of initiatives that serve the real estate sector, and the new law will contribute to successfully achieving its goals.
Source: Qatar News Agency