By Courtney Trenwith
Body would have powers to set rental limits, regulate the market, issue licences
Qatar is establishing a real estate industry watchdog with powers to set rental increase limits, intervene in rental disputes and create mechanisms to stabilise the sector, according to local media.
The proposed authority would issue licences and monitor the activities of investors and developers in the Gulf state’s booming construction industry, as well as monitor demand-supply fluctuations in the market, with the power to regulate prices.
A draft law already has been prepared, the Al Sharq newspaper reported.
The State Cabinet announced in October it intended to establish a body to regulate the real estate market, following recommendations by the Advisory Council.
It also would work to update rules and regulations to protect the rights of landlords, tenants, brokers, investors and developers.
Nearly QAR1bn ($274.6m) worth of property transactions are made each week in Qatar, according to the Real Estate Registration Department at the Ministry of Justice.
I want to make sure that it is very important to see whether or not his is something that is going to improve in many way.