Under Law 27 of 2017 Promulgating the Real Estate Sector Regulation Law and the Resolution concerning the regulation of real estate valuers (Resolution No. 2 of 2019), all Valuers operating in Bahrain must be licensed by RERA. A transition period will run until 2 November 2019 to allow real estate valuers to fully comply with the new regulations and apply for a Valuer license.
Implementation of the Bahrain Valuation Standards
In line with implementing international best practice and increasing professionalism in the Bahrain real estate sector, RERA is pleased to announce the launch and implementation of the Bahrain Valuation Standards (BVS). The Bahrain Valuation Standards is a combination of the International Valuation Standards(IVS), The Royal Institute of Chartered Surveyors (RICS) Red Book and the principle law governing real estate in the Kingdom (Law 27 of 2017) and related regulations. As part of the Licensing requirement all Valuers must comply with the Bahrain Valuation Standards. RERA will arrange training courses and provide support to all Valuers to ensure the BVS are fully understood in order to ensure a smooth implementation of these world class standards.
Bahrain Valuation Standards (BVS) – click here to view /download a copy of the Bahrain Valuation Standards.
NOTE: An individual may not practice as both a Valuer and a Broker
Please note under Law 27 it is illegal for the same individual to practice and hold both a real estate broker license and a real estate Valuer License. In the situation where a real estate business has an individual(s) holding a real estate broker license and other individual(s) holding a valuer license, it is not permitted that a valuer and a broker from the same business /practice /company act on the same property transaction(s).
Apply for a Valuer License as an Individual
Individuals can apply in person by completing the following forms /accompanying templates, attach the required support materials and submit All the documentation to RERA.
It is important to read the instructions carefully, to check the list of documents required and to have the documentation ready before commencing the applications process. The application process takes approximately five working days from submission of full and complete application.
Apply for a Valuer License as a Company
Companies can apply for a valuer license by filling the following forms and accompanying templates and submitting them to RERA
It is important to read the instructions carefully, to check the list of documents required and to have the documentation ready before commencing the applications process. The application process takes approximately five working days from submission of full and complete application. Unfortunately, incomplete applications cannot be processed .