Trust me, I’m a real estate developer
ME PoV Spring 2015 issue
It is widely accepted amongst real estate professionals that the Middle Eastern property markets are less than transparent and have typically been administered under contract law as opposed to any real estate specific legislation. That is, until now.
During 2014 both the Bahraini and Qatari Governments confirmed their intentions to enact real estate development laws intended to regulate market practice, thereby strengthening their respective markets and more importantly, promoting investor confidence.
In Bahrain, Law 28 of 2014 was enacted with effect from 7 August 2014 and requires developers to comply with the provisions of the Law by 7 February 2015. Meanwhile Qatar’s Real Estate Development Law was published in the Official Gazette on 7 April 2014 and came into effect on 7 October that same year.
Both pieces of legislation bear similarities and differences that are reviewed in further detail in.the attached report.