NEW REAL ES­TATE LAW IN THE WORKS

Qatar Today - - BUSINESS -

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.

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