QCCI drafting law for real estate sector

The Qatar Chamber of Commerce and Industry (QCCI) is drafting a law to regulate mortgages in the real estate sector.

The local Arabic daily Al-Sharq says in a report that this is in accordance with what was agreed at the Qatar Business Council’s last consultative meeting with HE the Prime Minister and Foreign Minister Shiekh Hamad bin Jassim bin Jabor al-Thani.

Welcoming this move, several leading businessmen said that there is a need to enact such a law in Qatar to govern mortgaging of properties, applying for loans against such assets, financing of projects in the real estate sector and several allied issues.

The law will have a positive impact on many aspects of the real estate sector, they said.In the opinion of legal experts, the law will prevent haphazard increase in real estate prices and encourage property developers to invest in housing projects that match with the income of Qatari nationals.Besides, it will provide unprecedented legal safeguards against risks in terms of time-frames, authentication and many other procedural matters. It will also come as a big boost for long-term investments in real estate.The turnover in real estate during the last year was to the tune of QR26.36bn which was roughly QR2.2bn per month.Real estate business in Qatar is doing well, said many Qatari businessmen and they expect the turnover during the current year to increase to QR50bn.