Bahrain has adopted international real estate standards with the launch of the Bahrain Valuation Standards (BVS) and Bahrain Property Measurement Standards (BPMS), said a statement from the kingdom’s Real Estate Regulatory Authority (Rera). 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, it stated.
Announcing this at a press conference, Sheikh Salman bin Abdullah Al Khalifa, president of Survey and Land Registration Bureau and chairman of the Rera board, said these standards were adopted based on international standards and best practice. Rera collaborated with the International Valuation Standards Council (IVSC) and the Royal Institute of Chartered Surveyors (RICS) in developing and finalizing the BVS, he stated.
With regard to the BPMS, the Real Estate Survey and Registration Bureau (SLRB) has co-operated with the International Property Measurement Standards Coalition (IPMSC), the Ministry of Works, Municipalities Affairs and Urban Planning and the Bahrain Society of Engineers’.
Sheikh Salman stressed that the introduction of BVS for real estate will create greater transparency, efficiency and consistency in the market. “The implementation of the BPMS will bring consistency to the process of real estate survey of various types, and also contribute to achieving greater accuracy in determining the real estate areas and the methods that should be employed in determining such measurements,” he said. “The BPMS will be circulated in coordination with the Ministry of Works, Municipalities Affairs and Urban Planning to all engineering offices and private survey offices to adopt standardized measurement standards,” he added.
Sheikh Salman pointed out that the adoption of real estate valuation standards and real estate measurements standards as they relate to each other will contribute to a sustainable and attractive investment environment and guarantee for local and external capital.
“It will also achieve transparency and sustainability in the real estate market, which is one of the most important non-oil economic sectors in the Bahraini economy aligned to achieving the vision and aspirations of His Majesty King Hamad bin Isa Al Khalifa, the King of Bahrain, aiming at presenting the best initiatives and policies that place Bahrain as one of the leading and developed countries for the further prosperity of the Bahraini citizen,” he added.
Source: TradeArabia News Service