DOHA: The Ministry of Justice (MoJ) and Royal Institution of Chartered Surveyors (RICS) have signed a significant Memorandum of Understanding (MoU) 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 organise and develop the real estate market in Qatar and to benefit from the advanced professional, technical and ethical standards promoted by RICS. 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.
The MoU 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 databank for real estate under the supervision of the Ministry of Justice, and to design an internal training programme for the Ministry of Justice and the Department of Real Estate Agents.
These programmes include principles of valuation and property measurement and the real estate life cycle.
The partnership between the ministry and RICS will enhance Qatari leadership in the real estate sector. It also 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.