|16 October, 2019

Licence deadline for real estate valuers in Bahrain

The role of valuers was regulated by RERA last year besides monitoring property developers, property managers, brokers and sale agents

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

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Bahrain - Real estate valuers are being urged to obtain their licences from a government watchdog before the November 2 deadline.

The Real Estate Regulatory Authority (RERA) said it’s mandatory to obtain a licence and failure to do so would mean individuals cannot practise the real estate valuation profession.

The role of valuers was regulated by RERA last year besides monitoring property developers, property managers, brokers and sale agents.

Depending on the qualification and licence the valuer will be able to assess different kinds of properties in Bahrain, including those priced at more than BD10 million.

“Valuers play a very important role in the overall real estate ecosystem and therefore licensing, professionalising and regulating this category is essential,” said RERA chief executive Shaikh Mohammed bin Khalifa Al Khalifa in a statement yesterday.

When the authority was launched on March 1 last year the initial focus was on licensing developers, off-plan sales developments, real estate brokers and sales agents.

It was later extended to include property managers and owners’ association managers.

Shaikh Mohammed said strict regulations governing the real estate sector were imperative to back the local economy and boost investment.

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.

To register, email realestate@bibf.com

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