The bill on the General Real Estate Authority—which was approved by the Council of Ministers a month ago in Rabi" al-Thani and under which the Council authorized the establishment of an independent authority with legal personality to oversee housing—is still awaiting its turn for debate in the Shura Council.
14 Core Tasks for the Real Estate Authority
The General Real Estate Authority Law outlines 14 tasks for the Authority to achieve its objectives, foremost among which is the formulation of general policies for real estate regulation, proposing relevant regulations and bylaws and submitting them in accordance with statutory procedures, as well as approving the establishment of residential unit owners" associations, classifying real estate offices and companies operating in the real estate sector, and issuing licenses to regulate real estate contributions.
Coordinating the completion of real estate file procedures and reviews
Article 4 of the law stipulates that the Authority shall coordinate with the competent authorities on all matters related to policies, procedures, and regulations pertaining to the real estate sector, the licensing of real estate professionals, and the supervision of real estate offices, facilitating off-plan sales mechanisms, supervising the implementation of the residential unit classification system, establishing an integrated information center containing national real estate databases that are periodically updated, and conducting statistical surveys and real estate studies.
To achieve its objectives, the Real Estate Authority provides consulting services and technical support to those involved in the real estate sector, and it periodically publishes real estate indicators in accordance with technical standards and best practices, as well as magazines, educational publications, and data that serve citizens and the real estate market, in addition to any tasks assigned to the Authority by a decision of the Council of Ministers.
Improving Efficiency Through Regulatory Review
The Authority aims to enhance the efficiency and regulation of the real estate sector and address its concerns by reviewing the laws, regulations, and arrangements related to the real estate sector and cooperating with the Ministry of Housing to implement and periodically update the National Housing Strategy, proposing necessary amendments or updates to develop and regulate the real estate sector, regulating the practice of the real estate profession and preparing the necessary regulations and procedures for this purpose, as well as coordinating among relevant entities in the public and private sectors to enhance the performance of the real estate market.
Goals to Increase Housing Supply
Among the Real Estate Authority’s key objectives are regulating real estate contributions and streamlining related procedures, strengthening the private sector’s role in real estate investment and development, encouraging off-plan real estate sales and streamlining the related procedures, and proposing necessary amendments to the regulations governing such sales, encouraging the establishment of residential unit owners" associations; coordinating and cooperating with the relevant authorities in implementing the real estate cadastre system; strengthening cooperation and coordination between the Kingdom and other countries to achieve real estate development in the Kingdom; in addition to coordinating with the relevant authorities to provide incentives and facilities to local and foreign investors in the real estate sector, overcoming the difficulties they face, and proposing implementation plans to improve the real estate climate.
Ten years since the proposal to establish the Authority
Ten years since the proposal to establish a system aimed at regulating the real estate market by creating a commission was put forward by former Shura Council member Eng. Mohammed Abdullah Al-Qweihas. The proposal calls for the establishment of a Supreme Authority for Housing and Real Estate Development to address the affairs of the housing and real estate sector in the Kingdom, promote its growth and development, and work to strengthen the role of the private sector and overcome obstacles to its growth, as well as the creation of another specialized agency to oversee real estate development. Dr. Mufleh Al-Rashidi and Dr. Mishaal Al-Salmi joined him in supporting this idea.
Three years of study
After a three-year study, the Housing Committee finalized the draft regulations for the Authority and submitted its report to the General Council of the Shura Council, which agreed three months ago to refer it to the Council Secretariat to arrange for a discussion on the establishment of an independent real estate authority directly linked to the Prime Minister, marking more than three years since the members" proposal was first considered, even though some topics and files—including proposals from Shura Council members and others referred by the government—were submitted after the real estate authority item and were discussed and resolved, while this item, entrusted to the members, remained on their shelves awaiting a decision by the Secretariat —which is responsible for organizing sessions and scheduling agenda items—to include it for discussion.
