RERA, the Real Estate Regulation Authority in Bahrain, is playing a crucial role in regulating and improving the Kingdom’s real estate sector. With a focus on enhancing the management and maintenance of residential properties, RERA has registered 547 owners’ unions across various regions in Bahrain. This indicates a growing awareness and importance of owners’ associations in the real estate industry.
In order to provide clearer guidelines and improve efficiency for developers, RERA is developing a specialized guidance volume for joint real estate developers. This publication will cover essential aspects related to the design phase and required approvals during project development. By offering comprehensive guidance, RERA aims to support developers in navigating the complexities of real estate projects.
RERA is also launching a tender for the enhancement of the “Aqari 2” real estate portal, which was initially launched in December 2023. The upgrades to the platform will include integrating additional data sources, adding both non-geospatial and geospatial dashboards, incorporating new maps, maintaining and supporting AWS infrastructure, and adopting emerging technologies such as artificial intelligence. These enhancements are designed to provide stakeholders with information that is transparent, accurate, and easily accessible.
The Aqari 2 platform is expected to improve decision-making and project success rates in the real estate sector by providing stakeholders with a clearer understanding of financial returns and risk levels associated with real estate projects. By enhancing transparency and accuracy, the platform aims to benefit all parties involved in real estate transactions, including developers, buyers, and investors.
RERA has issued a total of 41 real estate development project licenses and 15 advertising licenses to developers. These licenses are granted after developers obtain a sale project license, ensuring compliance with regulations and protecting consumer interests. By issuing these licenses, RERA plays a key role in monitoring and regulating real estate projects to safeguard the interests of all stakeholders involved.
Overall, RERA’s efforts in regulating and enhancing Bahrain’s real estate sector are commendable. By registering owners’ unions, developing guidance for developers, and enhancing the Aqari 2 platform, RERA is taking significant steps to improve transparency, efficiency, and compliance in the real estate industry. With a focus on protecting consumer interests and supporting sustainable development, RERA’s initiatives are essential for the continued growth and success of Bahrain’s real estate sector.
