RERA Advances Real Estate Sector with New Initiatives and Enhanced Regulations

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The Real Estate Regulation Authority (RERA) in Bahrain is making significant strides in regulating and enhancing the Kingdom's real estate sector.

RERA has registered 547 owners' unions across various regions in Bahrain, highlighting the increasing awareness and significance of owners' associations in the management and maintenance of residential properties.

RERA is developing a specialised guidance volume for joint real estate developers. This publication will cover essential aspects related to the design phase and required approvals during project development, providing clearer guidelines and improving efficiency for developers.

RERA is launching a tender for the enhancement of the "Aqari 2" real estate portal. Initially launched in December 2023, this platform will undergo substantial improvements to better meet the needs of the real estate sector.

The upgrades will include:

* Integrating additional data sources
* Adding both non-geospatial and geospatial dashboards
* Incorporating new maps
* Maintaining and supporting AWS infrastructure
* Adopting emerging technologies such as artificial intelligence

The Aqari 2 platform aims to deliver information with greater transparency and accuracy, enhancing decision-making and project success rates. This will benefit all stakeholders by providing a clearer understanding of financial returns and risk levels associated with real estate projects.

RERA has issued 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.