Chief Executive Officer of Qatari Diar Eng. Abdullah bin Hamad Al Attiyah said the real estate in Qatar is one of the fastest-growing sectors in economy and occupies the second rank after energy by attracting investments that exceeded QR 82 billion during 2022.
Commenting the incorporation of some amendments into real estate regulations by the Qatar Central Bank (QCB), Al Attiyah added that such regulations promote the real estate competitiveness and contribute to accelerating the pace of national economy.
QCB announced on Jul. 8 that it has incorporated some amendments into the real estate regulations to encompass the determination of the ceilings of real estate financing grant (Loan guarantee percentage and its duration) inside Qatar that will be applied on Qatari banks, along with their affiliated companies in the country, whilst branches and subsidiary companies abroad will be subject to instructions and ceilings of the host regulatory authorities, as long as they have been the guarantors and funders of real estate abroad.
Al Attiyah outlined that these vital regulations at this time underscore the substantial role such a step will play in upgrading this sector and promoting Qatar's competitiveness at the regional level pertaining to the real estate sector through attracting more investments, whether by citizens, or foreigners who will pivot to the real estate in Qatar for investment, adding that the recent amendments have increased the opportunities and streamlined the flexible procedures for foreigners.
He hailed the efforts QCB is making within the framework of developing the financial system in Qatar to advance the real estate sector, pointing out that the amendments are characterized by inclusiveness and have succeeded in covering all aspects of the targeted segments which will evidently undergird the real estate investment during the upcoming period, as such rules will grant capitalists an access to new real estate projects in Qatar.
CEO of Qatari Diar pointed out that such amendments fulfill the requirements of the current phase in real estate sector without prejudice to the essential precaution taken against real estate risks, outlining that the amendments activate finance traffic in Qatari banks during this period offering real estate grants to a larger segment of investors.
He noted that Qatar possesses one of the best infrastructures at the global level to achieve prosperity and sustainability for the population, and has taken a myriad of initiatives recently to develop the real estate sector, such as granting the non-Qataris the real estate freehold, in addition to establishing a real estate regulatory authority to promote and develop this vital sector, as the country continues to develop this sector in execution of the state policy within Qatar National Vision 2030, by observing economic and social development plans and achieving urban development in a balanced and integrated manner to preserve the quality of life and sustainability and develop this sector to ultimately attain a future envision for real estate industries, in addition to exploring permanent solutions for the challenges facing the real estate sector.
Source: Qatar News Agency