RERA: Real estate valuers need license to operate in Bahrain
Posted on 10th July 2019
According to *ME Construction News report, Bahrain’s Real Estate Regulatory Authority (RERA) has announced that it is mandatory for real estate valuers to have a license if they want to operate in the Kingdom. The new rule requires valuers to participate in RERA’s Continuous Development Programme (CPD) to qualify for and renew their valuer license on an annual basis.
According to a statement, the first mandatory training course will commence on July 21 at BIBF.
“When RERA was launched in March last year, the initial focus was on the licensing of developers, off-plan sales developments, real estate brokers and sales agents. In the fourth quarter of 2018, the licensing requirements and regulations were extended to Property Managers and Owners Association Managers,” said Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA.
He also said that valuers are the latest category of real estate service providers to be regulated and licensed by RERA.
“This is because valuers play a very important role in the overall real estate ecosystem and therefore professionalising, licensing and regulating this category is essential. We are pleased to announce that licensing requirements have been extended to this very critical category of real estate service providers. The more stringent regulation of the valuer sector will be of benefit to the wider Bahrain economy and the banking/financial services sector in particular by ensuring that valid and reliable valuations are conducted by suitably qualified and expert licensed professionals,” Al Khalifa added.
A new Valuer Classification model is being introduced as per Al Khalifa. Under this model valuers will be licensed to value properties within different monetary bands, valuation bases and methods based on a range of criteria including experience, real estate qualifications, competencies and expertise.
RERA says that it is working with leading international organisations in the valuation field, including the Royal Institute of Chartered Surveyors (RICS) and the International Valuations Standards Council (IVSC).
Al Khalifa explained that the new RERA Valuer Classification mirrors the RICS Professional Progression model thus ensuring accreditation by RICS.Back to all Construction News
Share this story: