Manama: The Real Estate Regulatory Authority (RERA) conducted field visits to Marassi Terraces in Muharraq Governorate and Orchid Beach Residence in the Capital Governorate. These projects, licensed by RERA as off-plan sales projects, were visited to review their completion status and implementation progress, with sales exceeding 80%.
According to Bahrain News Agency, Shaikh Khalifa bin Duaij Al Khalifa, Director of Real Estate Operations at RERA, stated that the high sales and completion of these projects are significant indicators of the robustness of Bahrain's real estate market. This demand for off-plan projects highlights the effectiveness of the regulatory framework in bolstering real estate initiatives and boosting confidence among investors and buyers. It also reflects developers' compliance with regulatory requirements by completing the projects within the specified timelines.
Shaikh Khalifa bin Duaij elaborated on RERA's regulatory role in off-plan projects, emphasizing the importance of licensing, monitoring construction and completion, and ensuring timely delivery of units to buyers. This regulatory oversight contributes to a secure and transparent investment environment, protecting the rights and interests of buyers.
The sales exceeding 80% in both projects upon completion underscore the demand for off-plan projects and the efficacy of the regulatory framework in maintaining a balance between real estate development and buyer protection. This contributes to the attractiveness of the market to both local and international investors, supporting growth in real estate transactions and the sector's sustainability.
Developers of both projects praised RERA's role in regulating Bahrain's real estate sector. They affirmed that the legislative and regulatory environment has facilitated the efficient implementation of off-plan projects according to approved requirements. The successful completion of the projects and high sales figures reflect the demand for real estate projects in Bahrain, underscoring the vitality of the market and the importance of the regulatory framework in protecting buyers' rights and aiding developers. This enhances Bahrain's position as an attractive destination for real estate investment.