The body seeks to provide ethical and accurate real estate consultancy service to the public and official sectors
What is the Bahrain Real Estate Association?
Established in 2002, the Bahrain Real Estate Association was created by a group of real estate brokers by a decree of the Minister of Labour and Social Affairs No. 77 of 2002. The idea behind the association was for it to be a stepping stone towards a better future that would guarantee wealth and prosperity in all real estate deals in general and for real estate brokers in particular.
In order to ensure that strategies are created and goals are met, the association has appointed a Board of Directors, which consists of seven elected members which include the President, Vice President, Administrator and Financial Controller.
Principles of the Association
The Association believes that the public is entitled to ethical and accurate real estate consultancy service by dealers in the real estate sector, including real estate brokers. The association also believes that integrity and transparency are essential qualities in the real estate business.
Members of the association believe that it should be a reference for the real estate sector and for all workers in the field of real estate brokerage and help achieve economic growth in the field of real estate development.
Objectives of the association
- Care for the interests of members and intermediary offices, and enhance the social and economic position of members.
- Seek to advance the profession of real estate brokerage in a way that serves and preserves the rights of customers in this sector.
- Seek to organise the profession in a way that achieves and ensures justice for all clients, brokers and investors.
- Establishing ethical standards and a code of conduct to reduce obstacles through more confidence and reassurance to all parties involved in the real estate market.
- Coordination with relevant authorities regarding the ways and means of developing the real estate sector in the Kingdom.
- Seek to add more Bahrain citizens to real estate brokerage and purge the market of all informal and unlicensed brokers.
- Initiating human resource development by organising sessions to raise the bar among all real estate dealers.
- Resolve disputes between real estate brokers in a friendly way.
- Stipulate that all practitioners of the profession work in official real estate offices, either individually or through the formation of individual companies.
- Coordinate with similar societies at the GCC level, Arab and international countries.
One of the most important goals of the current board of directors is to attract the largest number of members to the association in order to represent the largest segment of brokers and real estate agents. This will enhance the strength of the association’s decisions with the official authorities and help it to become a specialised professional association. The number of active members in the association has increased from 58 at the end of 2018 to 163 members until mid December 2019.
This article was published as part of the fourth edition of Property Finder Bahrain’s Trends Report