Qatar Real Estate News
New real estate law hoped to bring about market stability
According to leading realtors and businessmen, the proposed law, which aims to organize the real estate brokerage law, will help in bringing about stability to the market, and can regulate the prices, which has been recently surging owing to operations by unlicensed agents and middlemen.
They are of the opinion that the law will help in bringing about transparent policies that can protect the interests of all parties involved in property transactions, including the investors, owners, buyers and agents.
According to leading Qatari businessman, Khalifa Al Muslamani, the law will ensure that only authorized agents get to operate in the market.
Dealers are better aware about the properties, and the law will prevent new-comers from involving in any kind of manipulation in the market, Al Muslamani said.
He also pointed out that the proposed law will permit only Qataris to be the license holders.
As for real estate agents, when all agents are licensed, they will have known locations and offices. More staff will be recruited and work will be more efficient, said Mohammed Al Sheeb, Baraha Real Estate Agency.
He said that the law should ensure that the rights of agents are protected by clearly defining their practice. The offices of the agents should also be monitored to ensure that they comply with the law.
According to Falah Matar, the General Manager of Al Dar real estate, the absence of such a law is the main cause behind surge in prices within the market, and the law has already been long overdue now.
Posted on 21/3/2011