Al Saadi: Social Security Account Safeguards Buyers
Lawyer Abdullah Al Saadi clarified that the regulation of the real estate market in Qatar has brought about significant changes. There is now a legal and supervisory framework that protects buyers and provides clear procedures for off-plan property sales. Among these measures, a dedicated escrow account is required for each project, used solely to finance the project and not for any other purpose, with withdrawals tied directly to the actual progress of the work. Additionally, real estate developers must be licensed within Qatar and have a minimum of 10 years of experience for foreign companies, with restrictions on the number of projects each developer can undertake. These amendments aim to minimize issues before they arise through guarantees such as licensing and close project monitoring, thereby enhancing buyer protection and reinforcing developers' commitments to deadlines and quality.
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