Qatar, RICS to Regulate Realty Market

Published October 11th, 2018 - 06:24 GMT
The partnership will support and encourage industry best practice through the adoption of other standards, such as the International Property Measurement Standards and the International Valuation Standards. (Shutterstock)
The partnership will support and encourage industry best practice through the adoption of other standards, such as the International Property Measurement Standards and the International Valuation Standards. (Shutterstock)

The Royal Institution of Chartered Surveyors (RICS) has signed a memorandum of understanding (MoU) with Qatar’s Ministry of Justice (MoJ) to improve market transparency and investor confidence by regulating the realty sector in accordance with international standards.

As part of the partnership, competency-based training will be provided to the public to support the professional development of the sector.

The signing of this agreement supports the Ministry of Justice’s efforts to organise and develop the real estate market in Qatar and to benefit from the advanced professional, technical and ethical standards promoted by The Royal Institution of Chartered Surveyors, a press statement notes.

Saeed Abdullah al-Suwaidi, assistant undersecretary at the Ministry of Justice for Real Estate Registration and Documentation, stressed the importance of the MoU in achieving the objectives that the MoJ seeks to achieve in the re-organisation and development of the sector.

The agreement provides for co-operation in several areas, including the enhancement of investor confidence to encourage foreign direct investment through the promotion and enforcement of laws and regulations related to real estate and the built environment.

The development of broker and valuation experts, the adoption of industry and international standards consistent with existing laws, and the creation of reliable sources of data shall be jointly addressed to establish best practice for the sector.

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Through the collaboration, appropriate unified systems and standards will be established between all stakeholders to ascertain a precise and reliable data bank for real estate under the supervision of the Ministry of Justice, and to design an internal training programme for the ministry.

These programmes include principles of valuation and property measurement and the real estate life cycle.

“The partnership between the Ministry of Justice and RICS will enhance Qatari leadership in the real estate sector. Tailored training programmes in various fields of real estate will enhance the competencies of the ministry and the establishment of systems and standards among developers, brokers, valuers, tenants and property owners and will provide the transparency required to mitigate risk to the sector and enhance inward investment,” said Mairead Hughes, RICS country manager, Qatar.

With approval from the MoJ, the parties will design and implement a mechanism for real estate submissions (whether compulsory or optional) with a view to ensuring that all professionals in the real estate market in Qatar are fully abiding by local laws, standards and regulations.

The partnership will support and encourage industry best practice through the adoption of other standards, such as the International Property Measurement Standards and the International Valuation Standards.

This will include public workshops and seminars to ensure that the public is well versed and the implementation is successful.

The agreement also aims to promote best practices by implementing the UN Global Compact for Land, Real Estate and Construction sectors to help address sustainability issues in the real estate market and to encourage the public to adopt best practices in the real estate market.


© Gulf Times Newspaper 2019

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