NEW REAL ESTATE LAW IN THE WORKS
A new law regulating real estate registration and ownership in Qatar is in the making, intended to replace the existing 52-year-old law.
Adraft law is being prepared, which proposes imprisonment for up to three years and fines of up to QR500,000 for obtaining real estate documents in an illegal way, an Arabic daily reported. Anyone found guilty of forging a real estate ownership document could be punished with a fine of QR10,000. Additionally, the draft law will also specify the real estate ownership limit for Qataris as well as terms and conditions for registration. Current developments and rapid expansion of buildings and diversity of their usage and ownership have necessitated amendment to some articles of the law, but the major provisions would remain unchanged, experts have said. The existing law states in general that real highest level in almost a decade, with the supply of commercial space set to increase amid slowing economic growth.
In other news, serviced-apartment operator Ascott Limited and QIA fund have teamed up to acquire a new $71 million Quest apartment hotel, to be built at Melbourne’s Docklands.The 221room Docklands acquisition is the first in Australia and fourth globally by Ascott and QIA as part of a $600 million joint serviced-apartment fund they established a year ago. estate ownership is limited to Qataris, with some exceptions mentioned in other laws which allow foreigners to own properties and land in some areas like Lusail and The Pearl- Qatar. The “right to benefit” has been granted in some other areas and all these types of ownership are not part of the old law, he explained. Meanwhile, the law has stipulated establishment of a real estate registration committee at the Ministry of Justice through a ministerial decision which will specify its mandate, duties and responsibilities. The committee will consider applications of registration of real estate properties located within the border of the towns and villages that are still not registered and look into complaints related to real estate evaluation and fees.
Artist rendering of Quest Apartment Hotel, Melbourne; (right) Asia Square Tower 1, Singapore.