Manama: The Real Estate Regulatory Authority (RERA) conducted field visits to Marassi Terraces in Muharraq Governorate and Orchid Beach Residence in the Capital Governorate. Both projects, licensed by RERA as off-plan sales projects, have seen sales exceed 80% and are nearing completion. The visits aimed to review the stages of their implementation and completion.
According to Bahrain News Agency, Shaikh Khalifa bin Duaij Al Khalifa, Director of Real Estate Operations at RERA, emphasized that the successful completion of these projects, along with robust sales figures, signifies the resilience of Bahrain's real estate market and a strong demand for off-plan projects. He highlighted that this success underscores the effectiveness of the regulatory framework in supporting real estate initiatives, enhancing both investor and buyer confidence, and ensuring developers adhere to regulatory requirements by meeting project timelines.
Shaikh Khalifa bin Duaij elaborated on RERA's regulatory role in off-plan projects, which includes licensing, construction monitoring, and ensuring timely unit delivery to buyers. This role is pivotal in creating a safe and transparent investment environment, safeguarding buyers' rights, and protecting their interests.
He further noted that the sales success of over 80% in both projects upon their completion signifies a healthy demand for off-plan projects. It reflects the regulatory and supervisory framework's role in balancing real estate development with buyer protection, enhancing the market's appeal to both local and international investors, and fostering growth in real estate transactions to ensure the sector's sustainability.
The developers of both projects praised RERA's role in regulating Bahrain's real estate sector, confirming that the legislative and regulatory framework has facilitated the execution of off-plan projects in line with approved requirements. They acknowledged that the high sales figures and timely project completion underscore the demand for real estate in Bahrain, the market's vitality, and the regulatory framework's importance in protecting buyers' rights. This support aids developers in efficiently implementing their projects and reinforces Bahrain's reputation as an attractive destination for real estate investment.