Bahrain’s Real Estate Regulatory Authority (RERA) launched on October 21 a new real estate valuation system to ensure greater protection to investors and other sectors including that of banking, Invest-Gate reports.
Launched for real estate and the Bahrain Property Measurement Standards (BPMS), the Bahrain Valuation Standards (BVS) is adopting international property standards and best practices, according to a press statement.
The announcement came during a press conference held at the Real Estate Survey and Registration Bureau, in the attendance Sheikh Salman bin Abdullah Al Khalifa, president of Survey and Land Registration Bureau and chairman of the Real Estate Regulatory Authority (RERA).
Al Khalifa confirmed that the introduction of the Bahrain Valuation Standards (BVS) for real estate will create greater transparency, efficiency, and consistency in the market.
Additionally, the BPMS’ implementation will bring consistency to the process of real estate survey of various types, and will contribute to achieving greater accuracy in determining the real estate areas and the methods that should be employed in determining such measurements, RERA chairman noted.
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, according to the statement.