This year has been a hustle-bustle year for the real estate sector in the Kingdom of Bahrain because of numerous changes to the sector’s regulatory framework. The add on is the development of new innovative technologies. RERA was officially formed by the issuance of Royal Decree 69/2017. The role of RERA are boosting the real estate industry within the Kingdom of Bahrain, educating real estate investors about their rights and protect them against fraud, promoting the Kingdom’s economic growth, creating effective rules and regulations to regulate the real estate market in addition to facilitating real estate transactions for all stakeholders, promoting a transparent real estate environment that positively affects real estate investment within the Kingdom and also impacts occupier decision making; and working to enrich the knowledge of professionals within the sector so that they can deliver an unmatched service and maintain excellent communication with all stakeholders.
RERA oversees the development of a national real estate policy supported by a five-year sector strategy. According to the CEO of RERA, Sheikh Mohammed bin Khalifa bin Abdulla Al Khalifa, RERA had initially focused on new developments and the licensing of real estate service providers. The next stages of RERA’s strategy include strengthening real estate practices, driving consumer confidence in a well-functioning property market, ensuring that developments are financially viable, consumers are protected, and that enforcement processes are in place to maintain the highest standards in real estate practice.
Due to the Kingdom’s reputation as a technology hub within the region and the increased transparency and stability introduced by the establishment of RERA, the Kingdom has recently welcomed companies like Hussain Al Nahash & Associates to create the balance between the Authority, developers and Real Estate, investors.
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