MANAMA: A partnership between the region’s largest fintech hub and Bahrain’s real estate regulator aims at optimising the kingdom’s property sector for investors and developers.
Bahrain FinTech Bay (BFB) and the Real Estate Regulatory Authority (Rera) have signed an agreement to cooperate in PropTech – the application of information technology and platform economics to real estate markets.
In line with Vision 2030 and the National Real Estate Plan (2021-2024), the two organisations plan to accelerate joint efforts towards a strong and sustainable real estate sector driven by more automation and efficiency.
BFB will support the property sector in developing practical, scalable, and innovative solutions, which is a prime focus of the new National Real Estate Plan, under the ‘leadership in service innovation’ pillar.
Furthermore, the fintech incubator and Rera will develop initiatives like PropTech focussed acceleration programmes.
Commenting on the collaboration, the authority’s chief executive Shaikh Mohammed bin Khalifa Al Khalifa said it will accelerate Rera’s mission to create an integrated investment-friendly ecosystem and bring in technology-focused regulatory reforms.
“Rera is taking measures to ensure growth of the real estate sector and its positive contribution to Bahrain’s GDP and all efforts are based on a sound legal framework and effective procedures to achieve sustainability and competitiveness,” he added.
A large and far-reaching PropTech market has emerged in the Middle East and particularly in Bahrain, a number of solutions have been rolled out that allow comparative house-hunting and asset management to be undertaken from home or the office.
BFB chief executive Khalid Dannish feels the real estate sector is ripe for disruptive innovation.
“PropTech solutions leveraging technologies such as the blockchain and artificial intelligence (AI) in equity and debt crowdfunding platforms, mortgages, and creating liquidity in the asset class will play a pivotal role in enabling the sectors growth. Fintech in real estate is a large vertical of the next wave of PropTech solutions,” he added.
Bahrain hosted the GCC PropTech Time Summit in 2019 and has been called one of the top hubs in the region by industry players.
The kingdom offers the region’s lowest operating costs, at up to 30 per cent less than other GCC markets, while also guaranteeing 100pc ownership in real estate for GCC nationals and a large number of mixed-use free-hold developments offering opportunities to foreign investors.
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