Bahrain has launched a new regulatory authority to oversee its real estate market, with the aim of improving foreign investment, according to its CEO.
According to Sheikh Mohammed bin Khalifa Al-Khalifa, CEO of Real Estate Regulatory Authority (RERA), the authority’s first priority will be the licensing of real estate service providers and off-plan sale projects.
RERA’s scope of responsibility will cover the licensing of not only real estate professionals, including developers, brokers, and sales agents, but also developments, such as the advertising of off-plan projects, Al-Khalifa elaborated.
The launch of RERA coincided with the implementation of Law No. (27) of 2017, which decrees that all real estate professionals obtain a licence from RERA by 31 August, 2018 to avoid being subject to penalties, Bahrain News Agency (BNA) reported, quoting Al-Khalifa, who made the announcement during a press conference.
In addition to providing licensing services, RERA will offer training and development programmes for real estate professionals.
“RERA is committed to building a stronger real estate market," Al-Khalifa said.
“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.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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