Bahrain’s Rera makes licence mandatory for real estate valuers
Deadline for submitting application for licences is November 2
Bahrain's Real Estate Regulatory Authority (Rera) has made it mandatory for real estate valuers to obtain a licence for operation in the kingdom. Rera has set a November 2 deadline for submitting application for valuer licences.
As per the new Rera rule, all real estate valuers will be required to participate in the Rera Continuous Development Programme (CPD) to qualify for and renew their valuer licence on an annual basis, said a statement from Rera.
Rera CEO Shaikh Mohammed bin Khalifa Al Khalifa said: "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," he explained.
Valuers are the latest category of real estate service providers to be regulated and licensed by Rera, he added.
"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," stated Shaikh Mohammed.
"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," he added.
According to him, Rera is introducing a new Valuer Classification model whereby valuers will be licensed to value properties within different monetary bands, valuation bases and methods based on a range of criteria including their experience, real estate qualifications, competencies and expertise.
The real estate watchdog, he stated, was working closely with leading international organisations in the valuation field, including the Royal Institute of Chartered Surveyors (RICS) and the International Valuations Standards Council (IVSC).
The new Rera Valuer Classification mirrors the RICS Professional Progression model thus ensuring accreditation by RICS, the prestigious international leader in the valuation field, he added.