Undoubtedly, Real Estate Regulatory Authority (RERA) has played a great effort to monitor, manage, and run the real estate sector in Bahrain. Moreover, it gives professional help to supply the construction industry with new regulatory standards since it was established in 2018. This initiative has helped many people to buy a house in Bahrain, and you are about to see multicultural communities living side by side in this friendly community.
It comes as a new step launched by Bahrain’s king to make a progressive transition in this sector. It reflects the 2030 vision to diversify the sources of the Kingdom. RERA will get you away from the chaotic status that the real estate sector has suffered for years to make it easier for all. This public body works closely with the government and any industry stakeholders to bolster this industry, improve customer experience, offer new real estate services, and streamline the housing area in Bahrain.
Goals of Real Estate Regulatory Authority (RERA)
- The primary purpose of this entity is to guide real estate professionals and real estate marketers to provide customers with the best service and products aligning with high-quality standards.
- The ultimate goal of the entity is to make Bahrain a premium destination for real estate investment, either regionally or globally.
- It also focuses on customers. That’s why you can find a concrete plan to protect all beneficiaries and enhance their experience of moving to a new house.
- Furthermore, searching for apartments for rent in Bahrain, villas for rent in Bahrain, or a studio in Bahrain has become more accessible. You can find different options matching your needs and budget.
This article will go through the importance of the Real Estate Regulatory Authority (RERA) and how you can benefit from its services and initiatives.
1- Regulating Real Estate Sector
- RERA was officially formed with the issuance of the Royal Decree in 2017
- One of the main targets of RERA is to expand the urban area in Bahrain.
- Many houses sought by the city’s residents are available for reasonable rates without confusion or unnecessary clutter.
- It increases the awareness of real estate investors to know their rights and protects them from fraud.
- It aims to push the Bahrani economy to grow and achieve more progress.
- Also, it provides the real estate environment with robust, secure, transparent, and sustainable regulations that encourage investment.
- These efforts are going through whilst protecting customer rights.
- Bahrainis should also feel that their overall quality of life has improved due to this initiative.
- It will help people live in a flawless community to get to know each other when moving to make them feel more at ease in their new neighborhood.
- The initiative targets to make real estate translations easier and more flexible through designing fair regulations to manage the process of purchase and sale in the Kingdom.
- These goals can be achieved through initiative customer-focused solutions, and that’s what this body adopts to bring its ambitious plan to alive.
- The Real Estate Regulatory Authority (RERA) precisely understands what investors think when they decide to pour their money into this market.
- The body will offer you an exemplary service for everyone interested in turning his liquidity into hard assets.
- Professional staff will deliver these services and close communication with all beneficiaries.
- It will build a bridge between clients and all real estate agencies, creating a platform to explore all potentials of the Bahraini market.
2- Real Estate Regulations
- The Bahraini government has launched new regulations to manage the real estate industry and make it more tempting for all stockholders.
- These regulations are not only for controlling this industry. It also comes for providing new strategies to reframe the property market upside down.
- These regulations are obligated to the real estate agents, marketers, companies, and developers.
- They all have to apply for a license to run their business.
- Anyone who breaks these regulations will be punished by preventing them from doing any real estate business.
- The one and the only public entity that will help you get your license is the Real Estate Regulatory Authority (RERA).
- When a developer wants to start a project in Bahrain, this organization has put out a checklist that outlines all requirements that must be met.
3- Privlliages You Can Get from RERA
- RERA comes with several privileges that will enable you to start your business, especially for small companies.
- Also, RERA delivers you excellent service when dealing with developers. You now can reassure that you will get the same service you registered for.
- Since there are conditions, developers should adhere to, like submitting a record including all details about their projects. Furthermore, all developers cannot initiate any projects until they have obtained the necessary license.
- Only licensed developers are eligible to apply to an Off-Plan Sale. Project Licence: Each new development must have its development license, which must be obtained separately.
- Each developer has to hand over the design and master plan of his project to be able to start his business.
- All developers should download the application on the website. Indeed the application procedure might take up to forty days. Unfortunately, applications that are not complete will not be processed.
- By applying these regulations, all parties can guarantee they will deliver their rights.
4- How to Apply For the Real Estate Regulatory Authority (RERA) Licence
- The Chief Executive Officer of the Bahrain Real Estate Regulatory Agency, Sheikh Mohammed bin Khalifa Al Khalifa, has outlined how to obtain the necessary license.
- Every real estate employee working in Bahrain must register with the institution, whether managers, appraisers, or real estate brokers.
- Whether the applicant is a Bahraini citizen or a foreigner, he must prepare the following documents.
- You should submit a copy of your ID card or passport and a passport-size photo.
- Good conduct certificate, which the Ministry of Interior issues.
- Document showing experience as a property manager.
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