A new real estate valuation system was launched yesterday that ensures greater protection to investors and the banking sector.

Bahrain has adopted international real estate standards with the launch of the Bahrain Valuation Standards (BVS) and Bahrain Property Measurement Standards (BPMS).

This was announced yesterday by Survey and Land Registration Bureau (SLRB) president and Real Estate Regulatory Authority (RERA) board chairman Shaikh Salman bin Abdulla Al Khalifa in a Press conference at RERA headquarters.

“These standards were adopted based on international standards and best practice,” said Shaikh Salman.

“RERA collaborated with the International Valuation Standards Council (IVSC) and the Royal Institute of Chartered Surveyors (RICS) in developing and finalising the BVS.”

Shaikh Salman said regarding the BPMS, the SLRB has co-operated with the International Property Measurement Standards Coalition (IPMSC), the Works, Municipalities Affairs and Urban Planning Ministry and the Bahrain Society of Engineers.

“The introduction of the BVS for real estate will create greater transparency, efficiency and consistency in the market,” added Shaikh Salman.

“The BVS will also ensure greater protection for investors and indeed other sectors, including the banking sector, which depends on accurate, valid and reliable valuation reports when granting real estate finance to companies and individuals.”

Furthermore, Shaikh Salman added the BPMS implementation will bring consistency to the process of real estate survey of various types, and contribute to achieving greater accuracy in determining the real estate areas and the methods that should be employed in determining such measurements.

Also present at the meeting was RERA chief executive Shaikh Mohammed bin Khalifa Al Khalifa.

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