Bahrain takes steps to protect real estate sector
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Reported by Zahra Ayaz
Inspection campaigns have been launched by the Real Estate Regulatory Agency (RERA) to ensure that the real estate regulatory law’s provisions are fulfilled and protect the rights of investors and dealers.
Several legal infractions that were observed by numerous inspectors and judicial control officers prompted RERA to take all necessary steps to ensure commitment to their duties.
The inspection campaigns included offices of real estate developers who engage in off-plan sales, real estate brokers, sales agents, real estate appraisers, and real estate managers.
The foundation also monitored violations on several social networking sites, which started announcing the sales and rentals of real estate and real estate management without obtaining an issued license.
The campaign led to the imposition of several fines on real estate professionals, some of which were worth BD10,000. In addition, violations were added to their commercial records.
The institute has the authority to impose fines up to BD200,000, or equivalently 2% of the estimated value of off-plan sales projects. The corporation saw unethical behaviour by several real estate professionals, including collecting and investing other people’s money against custom and applicable legislation.
To put a halt to these actions and protect the interests of real estate investors and dealers, the corporation looked into the situation and worked with the pertinent authorities.
Through the inspection visits, all licensed real estate offices were alerted, and those that had shortcomings in applying and implementing their obligations towards the law, which were subject to correction, were immediately corrected by the owners of those real estate offices.
The foundation directs all workers in the real estate sector to abide by the enforcement of all their obligations contained in the law and the decisions regulating it, as well as the guidelines and circulars issued to avoid taking any legal measures against violators.