Bahrain: Rera announces licence deadline for real estate firms

Bahrain: Rera announces licence deadline for real estate firms

Rera requires real estate stakeholders to obtain their licenses from a government watchdog before the November 2 deadline, according to the chief executive officer of the kingdom’s Real Estate Regulatory Authority (Rera), Shaikh Mohammed bin Khalifa Al Khalifa.

The role of valuers was regulated by RERA last year besides monitoring property developers, property managers, brokers and sale agents.

“Valuers play a very important role in the overall real estate ecosystem and therefore licensing, professionalizing and regulating this category is essential,” said RERA chief executive Shaikh Mohammed bin Khalifa Al Khalifa in a statement yesterday.

Depending on the qualification and licence the valuer will be able to assess different kinds of properties in Bahrain, including those priced at more than BD10 million.

When the authority was launched on March 1 last year the initial focus was on licensing developers, off-plan sales developments, real estate brokers and sales agents.

It was later extended to include property managers and owners’ association managers.

Shaikh Mohammed said strict regulations governing the real estate sector were imperative to back the local economy and boost investment.

All licensed valuers have been urged to attend the Valuation Standards and Regulations course which takes place on November 20 and November 21 in English and on November 24 and November 25 in Arabic.