Qatar plans law to regulate real estate valuation

DOHA: Qatar hopes to soon have a law to regulate the process of real estate valuation that would likely help the state prevent people from under-quoting the market value of a property and paying less registration fee while selling or buying land or building.

The Minister of Justice said yesterday that since Qatar didn’t have a legislation that regulates property evaluation process and profession, the state had been losing revenue, since in many cases people provided incorrect valuation of a property to pay less registration fee. “The state has been losing money. Such a practice is making the state lose revenue,” H E Hussain bin Abdullah Al Ghanem said. 

He added that his ministry had set up a committee late last year to prepare a draft law to regulate the real estate valuation process.

“Such legislation is very important, particularly considering that mega development projects are being launched in the country and real estate transactions are on the rise.”

http://thepeninsulaqatar.com/qatar/223916-qatar-plans-law-to-regulate-real-estate-valuation.html