In a recent interview with The Worldfolio, Mr. Aaref Hejres, Chairman of Bahrain Property Development Association (BaPDA) stated that the Kingdom of Bahrain has the highest return on investment in the region which is 6% to 15%.
This is due to the fact the Bahrain’s real estate sector isn’t only resilient but also it’s a unique market and different than other real estate markets in the region.
Yes! In past years Bahrain’s real estate market wasn’t exactly what investors would call a “comfortable” market; however, this has totally changed since the establishment of the Real Estate Regulatory Authority (RERA) which it has taken upon itself to protect interests and investments of all those investing in Bahrain’s real estate market.
The RERA’s sole aim is to ensure Bahrain becomes the destination of choice for real estate investment in the Gulf.
It is worth noting that since the launch of the RERA three months ago and more than 40 per cent of real estate brokers have applied for a RERA license.
Here is what RERA has been up to ever since its establishment,
Signing a memorandum of understanding
A memorandum of understanding has been signed in May between Real Estate Regulatory Authority (RERA) and Bahrain Institute of Banking and Finance (BIBF).
As part of the RERA Continuous Professional Development programmes for real estate professionals and as the memorandum states, training courses for real estate and sales agents will be staged.
This step comes as a part of the RERA’s plan to create a new generation of knowledgeable, effective and professional real estate service providers and raise competencies and skills of real estate professionals.
Issuing Market Research Advertising License
In an attempt to minimize the occurrence of any delay in the development process of any real estate project, the RERA has granted 6 real estate developers a market research advertising license.
This license allows developers to research, advertise and test the market prior to committing to a development project license. This license will also assist developers to obtain sufficient number of shareholders and buyers to complete a certain project, thus preserving the equity of the purchaser and the project as well as ensuring that there are no legal and financial consequences.
Licensing of real estate offices
Since its establishment, the RERA has licensed many real estate brokerage offices and sales agents.
This step comes as a part of the authority’s plan to correct the legal situation of all real estate agents, real estate developers, real estate appraisers, real estate managers, and sales agents to correct and make it comply with the law.
“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,” RERA Chief said.