MANAMA: Prime real estate worth $1.5 billion is showcased at the second season of the Gulf Property Show Mall Event at The Avenues, Bahrain.
Inaugurating the event yesterday, Real Estate Regulatory Authority (Rera) chief executive Shaikh Mohammed bin Khalifa Al Khalifa said he was pleased to see the turnout at the exhibition and the wide variety of projects being showcased, which spoke volumes about the flourishing sector and its wider economic impact.
The official said a first-of-its-kind database that would provide real estate statistics enabling investors and developers to make informed decisions would be available in the first quarter next year.
“The central role of Rera is to create a real estate ecosystem in Bahrain, ensuring that our policies and practices serve the needs of all stakeholders, including investors, home buyers, developers and other real estate professionals,” Shaikh Mohammed said.
The regulations cover developers of off-plan sale projects and the licensing of real estate service providers including brokers, sales agents, property managers and owners’ association managers.
Shaikh Mohammed said Rera aims to provide a strong, safe and sustainable regulatory environment for the real estate sector which will encourage investment in the sector in Bahrain.
All licensed valuers have been urged to attend the Valuation Standards and Regulations course which take place on November 20 and November 21 in English and on November 24 and November 25 in Arabic.
Bahrain has adopted international real estate standards with the launch of the Bahrain Valuation Standards and Bahrain Property Measurement Standards.
The introduction of the BVS for real estate will create greater transparency, efficiency and consistency in the market, said the official.
The winter edition of Gulf Property Show, a boutique showcase for real estate sector in the Northern Gulf held every April, is larger and with more opportunities of exclusive deals.
The show will run until Saturday and its hours will be in line with the opening times of The Avenues, Bahrain.
“When we launched the Gulf Property Show in 2013, we started with a simple vision, to create a dedicated event promoting real estate, property developments and related services in Bahrain for the Gulf and the wider international market place,” said Jubran Abdulrahman, managing director of Hilal Conferences and Exhibitions (HCE).
“Today, the Gulf Property Show is recognised as a brand with a reputation for providing a real estate platform strong on sales and investment opportunities for both exhibitors and visitors,” he added.
The mall event is strategically sponsored by Golden Gate Developers, First Bahrain Real Estate and Durrat Marina.
The strategic sponsors lead a show which has grown by 20 per cent over the last edition.
However, for the organisers HCE, the success of the event as a more direct route to property investment in the GCC comes with responsibility.
“We are aware of the extra pressure on the real estate companies to achieve sales in the present economic climate,” said Mr Abdulrahman.
“We consider ourselves to be partners with the real estate sector and so we have doubled our efforts to market and promote the show and attract dedicated visitors to The Avenues by making them aware of what will be on offer to visitors to the event.”
The show aims to target investors from Saudi Arabia, Oman, the UAE and Kuwait, apart from Bahrain, through its dedicated marketing campaign.
“Real estate companies are no strangers to exhibit at malls around Bahrain. This dedicated marketing approach has attracted participation from a number of developers and companies from Bahrain, the UAE, UK, Turkey and Cyprus,” said HCE exhibitions director Ahmed Suleiman.
“The interest shown in the Gulf Property Show at The Avenues 2019 from international and regional realtors is confidence in Bahrain as a centre for real estate transactions. This is in no small part due to the contribution of Bahrain’s regulator Rera who have ensured that all the exhibitors are compliant so that visitors can invest with confidence and legal security at the show,” he added.
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