Chief Executive of the Real Estate Regulatory Authority (RERA), Shaikh Mohammed bin Khalifa Al Khalifa announced that real estate Valuers are the latest category of real estate service providers to be regulated and licensed by RERA.
Real estate Valuers will be required to apply to RERA for a Valuer license and must meet the eligibility criteria in order to be granted a license to operate as a real estate valuer in the Kingdom of Bahrain. Existing real estate valuers have until 2 November2019 to regularise their affairs and apply for a real estate valuer licence.
Speaking at the announcement, the CEO of RERA, Shaikh Mohammed bin Khalifa Al Khalifa said ‘Valuers play a very important role in the overall real estate ecosystem and therefore professionalising, licensing and regulating this categoryis essential. When RERA launched on 1 March 2018 the initial focus was on the licensing of Developers, Off-plan sales developments, real estate brokers and sales agents. In quarter fourof 2018 licensing requirements and regulations were extended to Property Managers and Owners Association Managers.
We are pleased to announce that licensing requirementshave been extended tothis very critical category of real estate service providers. The more stringent regulation of the Valuer sector will be of benefit to the wider Bahrain economy and the banking / financial services sector in particular by ensuring that valid and reliable valuations are conducted by suitably qualified and expert licensed professionals.’
The RERA CEO went on to say ‘RERA is introducing a new Valuer Classification model whereby Valuers will be licensed to value properties within different monetary bands, valuation bases and methods based on a range of criteria including their experience, real estate qualifications, competencies and expertise. RERA is working closely with leading international organisations in the valuation field, including the Royal Institute of Chartered Surveyors (RICS) and the International Valuations Standards Council (IVSC). Thenew RERA Valuer Classification model mirrors the RICS Professional Progression model thus ensuring accreditation by RICS, the prestigious international leader in the Valuation field. Strict adherence to the RICS qualifying requirements is essential to maintaining the integrity of the programme and retaining the international accreditation which ensures that those who complete the Valuer training will have a transferable and internationally recognised qualification’.
All real estate valuers will be required to participate in the RERA Continuous Development Programme (CPD) to qualify for and renew their Valuer License on an annual basis. The first Mandatory training course will commence on 21 July 2019 at BIBF.
Prospective Valuer Licensees are encouragedto visit the RERA website www.rera.gov.bhto obtain full information on the licence application processand all requirements.