The real estate sector in Bahrain plays an important role in boosting national economy and acute social needs. Many locals and foreigners are vigorously investing in this sector to provide elegant residential condominiums and business accommodation for big companies or new establishments.
To keep the momentum abreast for new promising ventures in the real estate sector, a new legislation was passed to streamline the affairs of the sector and to give a strong steady forward boost.
To keep in line with this new strategy, the Real Estate Regulatory Authority (RERA) was established. RERA, the regulator, is fledged with the necessary legal authority to regularise and supervise the sector along with professional bodies working therein.
RERA, in its pursuit to have a good solid start, issued many regulations and directives including the new “Code of Conduct Principles” to be followed and adhered to by licensed professionals working in the real estate sector including, among others, developers, contractors, construction companies, sales dealers, real estate agencies, etc.
To begin with, professional entities working in the sector will have to first obtain the required licence form RERA and thereafter, work honestly and in good faith with professional due care, to avoid any conflict of interest with clients, to work in complete observance and maintenance to the required secrecy, to excel in giving the best professional services to clients, to work in complete integrity and independence with the sole objective of offering each client clean professional work, to abide by current laws, codes of ethics and all common customary usages in the sector covering such deals.
Needless to say that above-mentioned ethical points are not exhaustive nor the end. However, reference to them should be taken as laying a path to cross the way for offering the best honest diligent services to clients.
Professionals are required by RERA to take above-mentioned points in consideration, however, what is more important is their conscious and pulse which should be their main guide to fulfil work within the best professional parameters for the best of concerned parties and clients.
There is genuine need to comprehend what is the intention of RERA behind issuing the “Code of Conduct”. We believe the intention aims to clean the sector from all malpractices plus cementing healthy infrastructure for this sensitive sector.
The author is a legal consultant email@example.com