His Highness Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of the Real Estate Regulatory Authority (RERA), had an open meeting on Tuesday 6th February 2018 with members of the Bahrain Property Development Association (BaPDA) and real estate brokers.
He briefed them on all aspects of the implementation of Law No. (27) of 2017 with respect to promulgating the Real Estate Regulation Law, the work of RERA and its role in the implementation of the law and the development of a governing legal framework and mechanisms, particularly with regard to the work and rights and duties of real estate brokers, property managers and real estate valuers.
His Excellency emphasized the need to register all types of real estate firms, each according to its specialization (real estate brokers, property valuers, property managers) during the next period. He stressed the importance given to these professions and specialization in the Real Estate Regulation Law and the role that they will and should play in the development of the real estate sector.
He also noted the need for training to create professional and highly skilled real estate brokers, property valuers and property managers. Having such professionals will enhance the confidence of real estate investors and property owners. These professions and specializations are the link between the seller, buyer, investor and property developer. Real estate brokers, property valuers and property managers all have important roles to play in creating a conducive investment environment by creating trust and confidence that attract local and foreign investors through their relationships and professionalism. They will also be instrumental in educating buyers so as not to be involved in trading in real estate except if it is safe and to buy properties only from authorized and licensed developers and from projects that are licensed by RERA.
He told the real estate brokers that the invitation to this meeting today was not only to tell you what your duty is, but also to inform you of your rights and your important role in the coming period as real partners. We have asked you to come here to hear your opinions and observations to benefit from your long experience. Your opinions are important because you are in direct contact and on a daily basis with the market, and as such, you know the problems and opportunities. We are going in the coming period to promote confidence in real estate brokers as key partners in the process of buying and selling of properties. We will encourage trading in properties through brokers.
At the meeting, His Excellency Shaikh Mohammed said that in future, such real estate professions will not be licensed without taking the necessary training and passing the set examinations. This means that there will be no practitioners doing business illegally in the market to compete with the licensed brokers who work legally and are professionally trained. At the same time, the opportunity will be there and open to all those who consider themselves qualified to take up such professions, provided that they obtain a proper license from RERA.