Starting the operational plan to implement the comprehensive real estate strategy

The Governor of the General Real Estate Authority, Issam bin Hamad Al-Mubarak, said that the authority has begun developing an executive plan to implement the comprehensive strategy for the real estate sector that was recently approved by the Council of Ministers. He added in a press statement – yesterday that the strategy raises the efficiency of the real estate sector and encourages investment in it, noting that its preparation was started a year ago, and it was based on international and local experiences and partnership with all parties, especially the ministries of housing and investment and the concerned bodies. It includes the four pillars on which the strategy relied. Governance of the real estate sector and laws and legislations emanating from it, such as the real estate registration system, the real estate contributions system, the ownership, sorting and management system for real estate units, the preparation of a list of real estate auctions, and controls for electronic marketing and real estate advertisements.

The second pillar is concerned with empowering and sustaining the sector, and it includes the initiative to create a real estate sector database, including a platform for real estate indicators, issue standards for classifying real estate brokerage establishments, and activate the owners system and the guiding statute for owners’ associations.

The third pillar of “market effectiveness” includes the priority of registering land and property, implementing laws and regulations. Among its initiatives are the establishment of a central registry of lands and properties, the building of an electronic platform for real estate registration, and the initiative to establish a mechanism for auditing, implementing, supervising and following up on real estate activities and ensuring the quality of implementation. While the fourth pillar, “partner service”, includes a set of priorities and initiatives, which resulted in the establishment of a real estate arbitration center, and the development of procedures and policies for resolving real estate disputes.

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