RERA to bolster realty sector, says CEO Shaikh Mohammed

Manama : Real Estate Regulatory Authority (RERA), which will be responsible for licensing all real estate professionals as well as developments in the Kingdom, will commence its operations starting 1 March 2018, it was announced. 

The authority, according to HH Shaikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, will initially focus on the licensing of real estate service providers and off-plan sale projects. 

He also made clear that all real estate professionals in the Kingdom should obtain a license from RERA by 31 August 2018 to avoid penalties, during a press conference held here yesterday. 

Shaikh Mohammed told the press conference that by strengthening the regulatory framework governing the real estate sector, Law No. (27) will serve to identify and prohibit unlicensed real estate enterprises.

“RERA is committed to building a stronger real estate market. 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,” Shaikh Mohammed stressed. 

RERA will be responsible for licensing developers, brokers and sales agents, as well as all developments including advertising of off-plan projects. Wider obligations and requirements, in particular, those relating to the escrow account, were also highlighted. 

“Part of the Authority’s role will be to provide best-in-class training and development programmes for real estate service providers, increasing professional standards within the sector to the benefit of all stakeholders,” he added. 

He also revealed that RERA is in the process of implementing international best practices in the field of real estate development while ensuring alignment with the local market. He noted that RERA’s board of directors, which comprises a carefully selected group of experts, will maximise coordination between the public and private sectors while accounting for the unique challenges of the domestic real estate market.  

“The board is committed to supporting Bahrain’s objective of becoming a leading real estate investment destination, both regionally and internationally,” he stressed. In this regard, he highlighted the support provided by RERA’s board of directors, headed by its Chairman and the President of the Survey & Land Registration Bureau (SLRB), Shaikh Salman bin Abdullah Al Khalifa, to the company’s executive management.

For more information log on to www.rera.gov.bh.