Real Estate Regulatory Authority (RERA) Chief Executive Officer Shaikh Mohammed bin Khalifa Al-Khalifa today held a press conference to mark the implementation of Law No. (27) of 2017 and the launch of RERA.
RERA will commence operations on 1 March 2018 and will initially focus on the licensing of real estate service providers and off-plan sale projects. Information regarding RERA’s activities is available at www.rera.gov.bh.
During the press conference, RERA Chief said that the regulatory panel will be responsible for licensing all real estate professionals, including developers, brokers and sales agents, as well as all developments, including the advertising of off-plan projects. He highlighted wider obligations and requirements, in particular those relating to the escrow account.
He highlighted the important efforts of the Government Executive Committee, headed by His Royal Highness Prince Salman bin Hamad Al-Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, in supporting the development of the Kingdom’s real estate sector, noting that the sector forms a key element of the Government Priorities Framework (GPF).
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He acknowledged the role of the committee in the establishment of RERA, which has been launched in-line with His Majesty King Hamad’s commitment to strengthening the Kingdom’s non-oil sectors in order to benefit Bahrain and its citizens.
He further highlighted that the country’s leadership, with the support of the government led by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, continues to prioritise the development of the Kingdom’s real estate sector as an important contributor to the national economy.
He welcomed the support provided by RERA board of directors, headed by its Chairman and the President of the Survey and Land Registration Bureau (SLRB), Shaikh Salman bin Abdullah Al Khalifa, to the company’s executive management.
He affirmed that the introduction of enhanced professional standards is in the interest of all parties involved in the real estate sector and individual development projects. He highlighted that under Law No. (27) all real estate professionals must obtain a license from RERA by 31 August 2018 in order to avoid being subject to penalties.
He stressed the important role entrusted to RERA, adding that the foundations of a solid and cohesive regulatory environment have been laid to support the Authority’s activities over the next phase. In this regard, His Excellency confirmed that RERA will provide a flexible and efficient service to ensure that all license holders can operate effectively.
He added 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 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.
He reaffirmed that the board is committed to supporting Bahrain’s objective of becoming a leading real estate investment destination, both regionally and internationally. He said that by strengthening the regulatory framework governing the real estate sector, Law No. (27) will serve to identify and prohibit unlicensed real estate enterprises.
He confirmed that the launch of RERA represents a significant milestone in the Kingdom’s efforts to strengthen the rules governing real estate brokerage, property valuation, real estate property management, and owners’ associations and gated communities.
He added that 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 concluded by stating that, ‘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’.
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