The Real Estate Regulatory Authority is now in full effect and will certainly bring a new transparency and professionalism to the real estate market in Bahrain. His Royal Highness Prince Salman bin Hamad bin Isa Al Khalifa the Crown Prince Deputy Supreme Commander and First Deputy Prime Minister, has directed that the RERA become officially responsible for the real estate sector in Bahrain, in order to protect consumers, set industry best practices and boost the country’s real estate sector, when it comes to properties for sale and properties for rent in Bahrain.
But how will RERA help you, the consumer?
1. One of the main aims of RERA is to create a reliable group of real estate professionals in Bahrain. This will help protect every investor, homeowner and renter.
2. The RERA website will include a list of registered and licensed real estate individuals in Bahrain, which will help you when choosing to enlist the help of a real estate agent or brokerage.
3. RERA will offer professionals in the country’s real estate industry training and development programs, which will ensure that you receive the best service and accurate information about the market and the properties you are interested in.
4. With more transparency in the market, a steady and fair pricing strategy will certainly be applicable.
5. Buyers now have seven days to make a final decision when purchasing an off-plan unit. Once a buyer has selected the units, they can reserve it, review the information provided and take seven days before committing to the final agreement with the developer.