In Wednesday 13 December 2017, a significant milestone in the journey to strengthen the real estate market in Bahrain was achieved with the inaugural meeting of the Board of Directors for the Real Estate Regulatory Authority (RERA). 

The Chairman of RERA, His Excellency Shaikh Salman Bin Abdullah Al-Khalifa, President of the Survey and Land Registration Bureau (SLRB), welcomed the members of the Board, appointed by His Majesty the King, and stressed the important role the RERA Board will play in ensuring Bahrain becomes the destination of choice for real estate investment in the Gulf. 

The establishment of RERA will deliver on the vision of His Royal Highness Prince Salman bin Hamad bin Isa Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, to maintain an effective regulatory environment that supports key sectors, such as real estate, that contribute directly to the growth of the Bahraini economy. 

His Excellency Shaikh Salman, Chairman of the Real Estate Regulatory Authority said, “the Board must ensure that a robust, secure, transparent and sustainable regulatory real estate environment is established to encourage investment whilst protecting the rights and interests of consumers, investors and all stakeholders in the real estate market.”

 

His Excellency Shaikh Salman, Chairman of the Real Estate Regulatory Authority said, “With the establishment of RERA, Bahrain now has all the key components of a modern land management framework which addresses land policies, land rights, property economics, activity on land, regulation, implementation, and property development for the management of land as an asset and a resource to achieve sustainable development. This framework is underpinned by authoritative land records and land information provided by the Survey and Land Registration Bureau.

RERA will work closely with government and industry stakeholders over the next few years to oversee the development of a national real estate policy supported by a national 5-year sector strategy and plan to bolster the real estate sector, improve consumer protection, and streamline real estate services.

In the short term, the Board will work with His Excellency Shaikh Mohammed Bin Khalifa Al Khalifa, Chief Executive Officer of the Real Estate Regulatory Authority (RERA) and the newly appointed consultancy, International Development Ireland, to provide the necessary regulation for real estate activities, including development, off-plan sales, property valuation, property management, broker activity, property ownership and mortgage regulations.

His Excellency Shaikh Mohammed explained that when fully operational, the Real Estate Regulatory Authority will:

  • Strengthen regulation of real estate practices.
  • Improve the quality of services and viability of property developments.
  • Facilitate the development and improvement of the real estate sector in Bahrain, by generating greater consumer confidence in a well-functioning property market.
  • Ensure developments are financially viable and consumers are adequately protected;
  • Improve access to key real estate market information in a transparent, efficient and easily accessible manner to assist investors, real estate service providers and the public.
  • Establish an investigative and enforcement process for when real estate service providers or developers breach the conditions of the licencing regime.

His Excellency the CEO of RERA advised that “RERA will not deal with stalled projects as this is the responsibility of the Stalled Property Development Projects Settlement Committee.” He also stressed that, “RERA will focus on developments and licencing of real estate service providers that come under the control of the new RERA law.” Disputes and issues concerning existing developments and real estate service providers that occur before RERA commences operation on 2 March 2018 will remain the responsibility of the existing authorities.

All members of the Board, comprising representatives from government and the private sector, expressed their strong support and commitment to the formation of RERA and agreed that they will use their best endeavours to achieve a safe, secure, competitive, transparent and attractive Real Estate Market to support the economic growth of Bahrain.

Back to News