Bahrain - The first phase of a Property Market Databank is expected to be launched during the first quarter of next year on an experimental basis.

Survey and Land Registration Bureau (SLRB) president Shaikh Salman bin Abdulla Al Khalifa announced the move as he chaired the Real Estate Regulatory Authority (Rera) board meeting.

The new service will provide businessmen and property developers with accurate details so that they can take adequate decisions and revitalise investments.

The board stressed the importance of the Bahrain Valuation Standards and the Bahrain Property Measurement Standards issued recently to promote professionalism, credibility and transparency in valuing properties which would create an attractive and sustainable environment that reassures local and foreign capitals.

The panel also agreed to launch the category of Real Estate Leasing Agents as part of real estate brokerage licence. The meeting also allowed transitional licence to continue the valuation of properties of up to BD3 million for a period of 12 months ending on November 2 next year to avoid any disruption in real estate valuation.

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