Real estate watchdog will initially focus on licensing of real estate providers and off-plan sale projects
Bahrain’s Real Estate Regulatory Authority (RERA) launches today. Speaking at a press conference a top official said that the kingdom’s real estate watchdog will initially focus on the licensing of real estate providers and off-plan sale projects. The regulatory panel will be responsible for the licensing of all real estate professionals, including developers, brokers and sales agents, as well as all developments, including the advertising of off-plan projects.
Bahrain’s RERA launch is a significant milestone in the kingdom’s efforts to strengthen the rules that govern real estate brokerage property valuation, real estate property management, ownership associations and gated communities, said Shaikh Mohammed bin Khalifa Al Khalifa, CEO, in remarks reported by Trade Arabia.
The authority comprises of a group of carefully selected experts. Its aim is to maximise coordination between the public and private sectors, while also accounting for the challenges in the domestic real estate market, Sheikh Mohammed said.
He also highlighted wider obligations and requirements for the authority, in particular those relating to the escrow account.
Furthermore, the report added, he noted that the Government Executive Committee had played an important role in the establishment of the RERA, in addition to supporting the development of the Kingdom’s real estate sector, adding that the sector forms a key element of the Government Priorities Framework (GPF).
Sheikh Mohammed also stressed that the introduction of enhanced professional standards was in the interest of all parties involved in the real estate sector and development projects. He added that as per Law No. 27, all real estate professionals must obtain a Rera license by August 31, 2018.
He said Rera was in the process of implementing international best practices in the field of real estate development, while ensuring alignment with the local market.
“Rera board is committed to supporting Bahrain’s objective of becoming a leading real estate investment destination, both regionally and internationally. By strengthening the regulatory framework governing the real estate sector, Law No. (27) will serve to identify and prohibit unlicensed real estate enterprises,” he explained.
Shaikh Mohammed said Rera was committed to building a stronger real estate market and as part of that it will also be providing best-in-class training and development programmes for real estate service providers besides increasing professional standards within the sector to the benefit of all stakeholders.
“Enhancing the efficiency of the real estate sector is our primary focus, and we are confident that by safeguarding the interests of consumers, investors, brokers, developers and all stakeholders in the market, Rera will make an important contribution to Bahrain’s economic growth and increase foreign investment,” he added.