Greater regulation needed in Qatar

Country:  Qatar

29 May 2009

The property market in Qatar needs to introduce greater regulatory authority if it is to successfully attract greater foreign investment, according the managing director of global property firm Fine & Country International Realty.

With property in Qatar now starting to attract greater interest within the international community, Cecilia Reinaldo wants to see a property watchdog, similar to the Real Estate Regulatory Authority in Dubai, formed in order to keep “things in control”.

Reinaldo, whose company recently entered the market after linking with the Qatar-based Tadmur Real Estate, said that a market regulator, would strengthen people’s trust and would encourage investments.

Speaking to the press, she said: “The latest rental law of the country, announced in February, that calls for creation of dispute resolving committees and registration of all property contracts, is a right step in that direction.”

Earlier this month, the CEO of Al Waab City, a £2bn property development in Qatar, said the property market in the Gulf state had seen a correction to return to 2002 and 2003 levels.

See Also:   Qatar