Bahrain's Real Estate Regulatory Authority (Rera) is all set to launch its operations from tomorrow (March 1).

The kingdom's Bahrain's real estate watchdog will initially focus on the licensing of real estate service providers and off-plan sale projects.

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, said its top official.

Rera's launch is 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, remarked its CEO Shaikh Mohammed bin Khalifa Al Khalifa while speaking at a press conference.

The Rera, 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 stated.

Shaikh Mohammed 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 HRH 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).

Shaikh Mohammed 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 HRH 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.

Stressing that the introduction of enhanced professional standards was in the interest of all parties involved in the real estate sector and individual development projects, Shaikh Mohammed stated that under Law No. (27) all real estate professionals must obtain a Rera licence 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.-TradeArabia News Service