The real estate market in Bahrain has proved to be one of the most important real estate markets in the Arab and international markets. It is a model for the stability and development of the real estate market. The Bahrain government has introduced several measures that have helped to develop market standards and create an economic model worthy of simulation. It enacted the laws to protect the tenant and the investor, and made the law of freehold, which allowed foreigners to own land and property in Bahrain. It also formed the Real Estate Regulatory Authority (RERA).
What is The Real Estate Regulatory Authority RERA?
Is an institution formed by the Bahrain government and has an active role in providing a fair and efficient regulatory environment in the real estate market, enhancing economic and investment growth in Bahrain, protecting the rights of every citizen in Bahrain and providing the best life for him.
The role of RERA in the Bahrain market
RERA’s role is to prepare and implement a national plan on the real estate sector, including the development of a strategy and policy for the real estate sector. It also collects and analyzes data and statistics, so that it is the main source in the Bahraini properties market. The Foundation proposes programs and policies to promote the real estate sector in the Kingdom, and provides training courses and awareness of real estate professionals.
This is due to the strengthening of the market and real estate services in Bahrain and the preservation of the interests of investors and consumers in this sector. Also, it supports the ethics of real estate professions in order to lead to the development of the local economy and attract foreign investment, while ensuring that the real estate sector in Bahrain meets the best international standards and practices, as well as providing professional service at the lowest cost and transparency.
RERA works with government agencies and stakeholders in the real estate sector to oversee the development of national, plan and strategy-supported national policies that help to improve the sector and enhance the protection of all parties while facilitating real estate services.
The goal of the RERA Foundation
RERA aims to provide the most attractive factors for the real estate sector in Bahrain and to make the Kingdom one of the most important real estate investment destinations for both local and international investors.
The Government of Bahrain has issued a set of laws to achieve the objectives of the institution, as it not only regulates the real estate sector but also provides a general strategy for its organization. The most important of these mandatory laws for workers in the real estate sector. All workers in the real estate sector must apply for a RERA license. Real estate developers may not undertake any activity without obtaining a license from the Foundation first. It is necessary to create a sales record outside the chart in RERA, which ensures all details of the project from the number of units, floors and others. RERA is now the only entity in Bahrain that controls the real estate sector and is entitled to issue development licenses.
Benefits of obtaining a RERA license
RERA stressed that licensed real estate developers will enhance buyers’ awareness, guide them to safe trading and advise them to make a decision to buy property from developers and projects approved and licensed by the institution. RERA’s licensed real estate developers will also play a crucial role in building relationships between traders, buyers and investors and creating a business-friendly environment.