Bahrain’s Real Estate Regulatory Authority (RERA) Chief Executive Officer Shaikh Mohammed bin Khalifa Al-Khalifa held a press conference to mark the implementation of Law No. (27) of 2017 and the launch of RERA on 1 March 2018.

Bahrain News Agency (BNA) reported on the press conference, recounting that the country’s leadership and government continues to prioritise the advancement of the Kingdom’s real estate sector as an important contributor to the national economy as it strengthens the non-oil sectors to benefit Bahrain and its citizens.  

RERA will initially concentrate on the licensing of off-plan sale projects and real estate service providers.

It was reported that the launch of RERA coincided with the implementation of Law No. (27) of 2017, which rules that all real estate professionals obtain a licence from RERA by 31 August, 2018 to avoid being subject to penalties.

In addition to providing licensing services, RERA will offer training and development programmes for professionals in the country’s real estate industry.

Al-Khalifa affirmed that RERA is in the process of implementing international best practices in the field of real estate development, while ensuring cohesion with the local market. He noted that RERA board of directors is comprised by a carefully selected group of experts, who will maximise coordination between the public and private sectors while accounting for the unique challenges of the domestic real estate market, according to BNA. 

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”. 

Information regarding RERA’s activities is available on the Kingdom of Bahrain RERA website.

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