RERA advances the real estate sector with new initiatives and improved regulations

TDT | Manama

“Trybuna Codzienna” – www.newsofbahrain.com

The Real Estate Regulatory Authority (RERA) in Bahrain is making significant progress in regulating and improving the real estate sector in the Kingdom.

RERA has registered 547 owner associations in various regions of Bahrain, highlighting the growing awareness and importance of owner associations in the management and maintenance of residential properties.

RERA is developing a specialized set of guidelines for joint developers. This publication will cover important aspects related to the design phase and required permits during project development, providing clearer guidance and improving developer efficiency.

RERA invites tender for development of real estate portal ‘Aqari 2’. Initially launched in December 2023, this platform will undergo significant improvements to better suit the needs of the real estate sector.

Updates will include:

* Integration of additional data sources
* Adding non-geospatial and geospatial dashboards
* Includes new maps
* Maintaining and supporting AWS infrastructure
* Adopting new technologies such as artificial intelligence

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

RERA has issued 41 project licenses and 15 advertising licenses to developers. These licenses are issued after developers obtain a sales project license, ensuring regulatory compliance and protecting consumer interests.