Bahrain is set to launch the first phase of the property market databank during the first quarter of 2020. However, the databank will be launched on an experimental basis only. The date of the full-fledged launch is yet to be known.
The property market databank developed by Bahrain is designed to help realtors and developers in Bahrain with accurate and timely data with regard to the real estate market and help them make investment decisions based on it.
According to media reports, the Real Estate Regulatory Authority (RERA) of Bahrain believes the property market databank will help attract more investments in the kingdom’s real estate market.
Last month, Bahrain also launched new real estate valuation systems which ensure greater protection to investors and the banking sector. The Real Estate Regulatory Authority launched the Bahrain Valuation Standards (BVS) and Bahrain Property Measurement Standards (BPMS) which are aligned with international standards.
RERA board chairman Shaikh Salman bin Abdulla Al Khalifa pointed out that they collaborated with the International Valuation Standards Council (IVSC) and the Royal Institute of Chartered Surveyors (RICS) in developing and finalising the BVS.
With regard to the launch of new real estate valuation systems in Bahrain, Shaikh Salman bin Abdulla Al Khalifa told the media, “The introduction of the BVS for real estate will create greater transparency, efficiency, and consistency in the market.”
He added, “The BVS will also ensure greater protection for investors and indeed other sectors, including the banking sector, which depend on accurate, valid and reliable valuation reports when granting real estate finance to companies and individuals.”