Bahrain’s Real Estate Regulatory Authority (RERA) today reported that the campaign to ensure that real estate brokers, sales agents and developers of off-plan developments were licensed before the expiry of the six months transitional deadline on August 31 was successful.
RERA issued a stern warning to those developers of off-plan developments, brokers and sales agents who remain unlicensed and advised that they will be investigated by RERA and will face sanctions and penalties for breaking the law.
Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA today said: ‘Over the past six months RERA has advised and reminded developers of off-plan developments of the importance to register with RERA before the expiry of the transition period on August 31. Many large off-plan projects have now been registered with the Authority. RERA has now commenced investigations to identify non-compliant off plan sales projects in Bahrain and will commence proceedings in accordance with the law where a violation is proven’.
Shaikh Mohammed stressed that buyers of units in these non-compliant developments need to be aware that they will not benefit from wide-ranging consumer protection mechanisms that have been safeguarded by the Real Estate Sector Regulation Law and should exercise caution if they purchase from a non RERA licensed developer of an off-plan sale project. He also encouraged the public to contact RERA if they become aware of such unlicensed off-plan sales projects. Details of all licensed developers and developments can be viewed on the RERA website www.rera.gov.bh.
To assist developers with licensing their off-plan sale project, RERA has a comprehensive website www.rera.gov.bh which provides details on the steps to be followed to enable compliance with the Real Estate Sector Regulation Law (Law 27 of 2017).
The RERA CEO reported that the implementation of the new real estate regulations is generating positive comments from investors both locally and internationally and will instil greater confidence in the real estate sector and stimulate investment and demand for real estate properties in the Kingdom of Bahrain.