Eskan Bank signed a strategic cooperation agreement with the Real Estate Regulatory Authority (RERA) to enhance transparency and reliability in the real estate sector by integrating data, exchanging information, and improving market efficiency.
The agreement was signed during the "Innovation in Social Housing Sector" Summit and Exhibition, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, under the theme "Towards Innovative and Sustainable Housing Solutions."
The agreement aims to link all property-related data listed on the "Baity" platform with RERA’s "Aqari" real estate information platform. This will enable analysis of demand for different property types and provide insights into consumer behaviour. It will also facilitate comparison and verification of property data across both platforms to ensure accuracy and reliability.
Abdulla Taleb, General Manager of Eskan Bank, said that the agreement with RERA represents a qualitative step in enhancing transparency and efficiency in the real estate sector in the Kingdom of Bahrain. He noted that the agreement would provide accurate data to support property ownership and the development of Eskan Bank’s policies and plans. He added that the partnership would enable the bank to offer more effective real estate services while ensuring the highest standards of data reliability on the "Baity" platform.
He also added that the partnership aims to help develop precise performance indicators for the sector to support ownership and investment decisions for a wider range of beneficiaries. It will also establish new standards for transparency, enhancing the role of the "Baity" platform in providing integrated housing solutions. These solutions have been presented by property developers to citizens seeking housing units that meet their needs and align with the financing conditions set by the Ministry of Housing and Urban Planning.
On his part, Ebrahim Mohamed Abul, CEO of RERA, said the cooperation agreement with the "Baity" platform, affiliated with the Ministry of Housing and Urban Planning and Eskan Bank, represents a pivotal step in supporting the integration of government real estate data.
He explained that the agreement would allow RERA to access direct and accurate data on the most in-demand housing projects and their prices, as well as information on financing options available to citizens. This will enrich the "Aqari" platform’s database and support the provision of deeper and more reliable analyses for all stakeholders in the sector, including developers, investors, individuals, and financial institutions.
He added that RERA is working to make "Aqari" a smart, interactive platform that integrates with official entities to promote transparency and provide decision-making tools based on realistic and up-to-date information, contributing positively to the sustainability and efficiency of the real estate market.
