The Government Media Briefing for the National Real Estate Plan 2021-2024
-The programs and initiatives of the National Real Estate Plan2021-2024 contribute to providing a sustainable real estate investment environment.
-The plan encourages developing smart and environmentally friendly real estate projects.
-The plan contributes to creating an integrated ecosystem for real estate technology and attracting global expertise.
-Measures being conducted that make the real estate sector a role model in global economic practices.
His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, affirmed that the National Real Estate Plan 2021-2024, which was approved by the Cabinet, will contribute to the development of a safe, transparent and sustainable real estate sector, in a way that encourages investment innovative project development. in a way that enhances the expertise of real estate professionals and preserves the rights of all stakeholders in this sector in light of the current changes and challenges.
During the media briefing organized by NCC as part of a series of government media briefings that are held virtually, His Excellency stressed that real estate is one of the most important resources that support economic development in all countries, noting that the enforcement of Law (27) of 2017 Promulgating the real estate sector, reflects the importance of a national plan for the real estate sector in order to guide the development of the real estate market in the future, through government and private sector, for both developers and all real estate professionals and stakeholders in this vital sector.
During this briefing, His Excellency the CEO of RERA discussed the most important aspects of the National Plan for the Real Estate Sector 2021-2024, explaining that the plan includes many important elements as it consists of 5 pillars, 17 priorities for actions and 21 initiatives that will be implemented over a period of four years. His Excellency displayed the details of this plan, stressing that working on implementing these initiatives will ensure reaching the desired outcomes in achieving a diversified economic future for the real estate sector.
His Excellency added that when preparing this plan, several key factors were taken into consideration, including the implementation of international best practices, taking in consideration the objectives of the government entities and the requirements of various stakeholders involved in the real estate sector.
His Excellency indicated that the main objective of the National Real Estate plan is to further enhance and develop the real estate sector in the Kingdom, and to provide clear guidelines and frameworks for all stakeholders to work through, pointing out the role of the participation from the main stakeholders from various government entities, as well as investors and real estate professionals. In addition to the public, during the stages of preparing the plan, which contributed to enriching this plan.
Shaikh Mohammed bin Khalifa Al Khalifa confirmed that the implemented plan is in line with the economic and social development plans and the Kingdom's vision and directions given the comprehensive provisions it contains, to develop the sector and its programs and implementation initiatives, stressing the necessity of the cooperation of all relevant entities in the real estate sector to ensure the initiative success.
His Excellency the CEO of RERA explained that the initiatives of the National Real Estate plan 2021-2024 focused on the concept of leadership in service innovation, through the development of an integrated ecosystem that attracts international companies specialised in real estate technology, as well as the creation of an electronic platform that connects stakeholders in off-plan sales projects. As well as the introduction of regulations and provisions that allow real estate professionals and owners' associations licensed by RERA to use modern technology methods. Emphasising that the plan’s initiatives encourage real estate investment through crowdfunding, RERA’s CEO added that the cooperation with the Bahrain Institute of Banking and Finance, resulted in the increasing licensee’s awareness of real estate technology in all continuous professional development courses.
The CEO of RERA confirmed that the plan’s initiatives attached great importance to supporting and motivating developers by forming a government central committee to simplify procedures for investors in strategic real estate projects, as well as marketing the real estate sector in the Kingdom of Bahrain globally by forming a team representing the relevant government entities, and launching a set of motivational initiatives, allowing real estate developers to continue owning and managing the common areas of major projects, and determining the percentage of the estimated value of off-plan sales projects that the developer may not exceed to obtain financing from the amounts collected from buyers.
In order to provide an updated and reliable information, His Excellency Sheikh Mohammed bin Khalifa Al Khalifa stated that the initiatives of the National Real Estate plan 2021-2024 took into consideration the need to provide precise and accurate data, and to achieve this came the formation of the National Committee for the Real Estate Database, as well as the completion of the real estate database and presenting it to the public, noting that all these procedures are carried out through the adoption and application of unified standards for the classification of real estate database by the concerned entities, and in accordance with the best international practices.
To achieve the sustainability of the real estate sector, His Excellency confirmed that the initiatives of the National Real Estate Plan revolve around spreading awareness regarding sustainability in the real estate sector and its application, as well as creating incentive measures for real estate developers who practice sustainable real estate development while encouraging the establishment of public streets in the Kingdom of Bahrain that are free of cars.
Furthermore, in alignment with the principle of disclosure and transparency, His Excellency stated that the National Real Estate Plan 2021-2024 considered that among its initiatives, are practical aspects, through the development of a model for the off-plan sales contract, with emphasis on the importance of full disclosure of all information related to the property in all contracts settled, and for RERA to license a category of rental agents.