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Press release

19 NOV 2018

Regulating the real estate market using International Standards

The Royal Institution of Chartered Surveyors (RICS) has signed a significant Memorandum of Understanding (MoU) agreement with the Department of Ministry of Justice in Qatar, to improve market transparency and investor confidence by regulating the real estate market 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 efforts of the Ministry of Justice to organize and develop the real estate market in Qatar and to benefit from the advanced professional, technical and ethical standards promoted by RICS.

Mr. Saeed Abdullah Al Suwaidi, Assistant Undersecretary of the Ministry of Justice for Real Estate Registration and Documentation, stressed the importance of this memorandum in achieving the objectives that the Ministry of Justice seeks to achieve in the reorganisation and development of the sector. This memorandum comes within the framework of the Minister of Justice Acting Minister of State for Cabinet Affairs to activate law No. (22) of 2017 by putting into practice the latest laws and regulations of the Ministry of Justice. The real estate registration and documentation system at the Ministry of Environment will provide the appropriate environment in transferring the supporting data to ensure the improvement in the quality accuracy, comprehensiveness and consistency of data.

The agreement further provides for cooperation in several areas including the enhancement of investor confidence to encourage foreign direct investment through the promotion and enforcement of laws and regulations relating 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.

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 program for the Ministry of Justice and the Department of Real Estate Agents. These programs include principles of valuation and property measurement and the real estate life cycle.

 

International Standards

  • Construction standards
    We're working to develop and embed a single international construction measurement standard.
  • Ethical standards
    We're active in the International Ethics Standards Coalition which is creating a universal set of ethics principles.
  • Measurement standards
    We're working to develop and embed a single international property measurement standard.

The partnership between the Department of Justice and RICS will enhance Qatari leadership in the real estate sector. Tailored training programs in various fields of real estate will enhance the competencies of the department, and the establishment of systems and standards among developers, brokers, valuers, tenants and property owners will provide the transparency required to mitigate risk to the sector and enhance inward investment.

Mairead Hughes
RICS Qatar Country Manager

With approval from the Ministry, 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.

RICS and Ministry of Justice partnership will support and encourage industry best practice through the adoption of other standards, such as the International Property Measurement Standards (IPMS) and the International Valuation Standards. This will include public workshops and seminars to ensure the public are versed and the implementation is successful.

Al-Suwaidi pointed out that one of the most important objectives of this memorandum is to provide the proper training and qualification for the workers in the real estate brokerage sector in accordance with the latest international standards to ensure the improvement of the country's position in the indicators adopted globally in this sector. This will organically enhance the attractiveness of investment for locals and foreign investors. Al-Suwaidi added that the Ministry of Justice will offer public awareness events and training programs jointly with the RICS to the real estate professionals.

RICS works with governments worldwide and the adoption of international standards combined with the regulation of the sector is consistently being agreed as the right approach to ensure a stable, attractive real estate markets.