Innovative solutions to influence real estate future in Bahrain

Manama, Apr. 26 (BNA): Maintaining and implementing a robust regulatory environment is critical to attracting international investment, Real Estate Regulatory Authority (RERA) Chief Executive Officer has said. "We are already receiving positive enquiries from developers and investors from across the GCC and internationally," Shaikh Mohammed bin Khalifa Al Khalifa said as he hosted a seminar with real estate brokers and developers to highlight how RERA will assist in attracting greater investment to the sector. "RERA’s vision for the future is to make Bahrain the premier destination for real estate investment both regionally and globally and this will be achieved by improving the efficiency and effectiveness of the whole real estate ecosystem and by providing a strong regulatory framework for buyers, developers, brokers and sales agents and improving real estate transaction standards," Shaikh Mohammed said at the seminar titled ‘Bahrain Real Estate – Looking to the Future’. All real estate professionals including developers, brokers and sales agents, need to be licenced before the expiry of the transition period on August 31, he said. Since the launch of RERA 48 days ago, more than 40 per cent of real estate brokers have applied for a RERA licence.  "RERA will influence the future performance of the real estate sector by creating solid legal and procedural foundations. RERA is working closely with all key stakeholders including government departments, agencies, real estate service providers, developers, brokers and the private sector to ensure that we can build a strong and sustainable real estate sector," he said. "RERA is keen to introduce innovative solutions that will influence the future of real estate in Bahrain. There is already considerable interest from developers in the new Market Research Advertising Licence." The licence is an interesting RERA innovation which allows developers to test the market while ensuring risk is minimised for all parties, Shaikh Mohammed said.  "Another innovation is the introduction of an insurance based bond or guarantee which protects buyer payments. We encourage any new real estate developers or investors who wish to operate in Bahrain to visit the RERA website at www.rera.gov.bh for further information and assistance." Shaikh Mohammed is optimistic that the Bahrain real estate sector will continue to grow.  "Greater confidence, created by a strengthened regulatory environment, will result in more foreign direct investment in the real estate sector over time, an increase in real estate development activity and improved demand for property from both local and international buyers," he said.