MANAMA: Bahrain’s real estate sector is one of the most resilient and economically thriving sectors in the region, thanks to the major initiatives such as the introduction of the Real Estate Regulatory Agency (RERA).
The presence of unique and upcoming new real at the 3rd edition of Bahrain Property Development Exhibition (BaPDEX) is a proof of the strong appetite of upcoming developments in real estate sector despite some soft market condition in some other countries, says Aaref Hejres, Chairman of the organising committee of the BaPDEX and treasurer at the Bahrain Chamber of Commerce and Industry (BCCI).
Mr. Aaref, who is also Chairman of Bahrain Property Development Association (BaPDA) said BaPDA was created to serve as a body to represent developers and to oversee the interests of the industry as a whole, with the founding members being the largest 18 developers in the Kingdom.
BaPDA acts as a representative body to close the gap by working with the government on laws and regulations that affect the sector. It will also provide a forum for developers to communicate their interests. This will help in encouraging and development of the real estate sector by enhancing regulations, laws, and consultation between the industry and the government.
“Bahrain has the highest standards and RERA being a regulator is one of the key pillars of the strength of the real estate market.”
“We are in the 3rd year and have had a very good response from the real estate sector and in this edition, which is very encouraging,” adds Mr. Aare Hejres, while speaking to The24X7News Bahrain (www.twentyfoursevennews.com) on the sidelines after the opening of the BaPDEX 2018.
“BaPDEX is a boutique expo but being an innovative idea every time we get more support from the sector and basically it has emerged as a hotspot for the end users,” says Mr. Aaref, adding, for example, this year there are two new projects on display offering a rare opportunity to buyers.
Aaref Hejres thanked His Royal Highness Prince Salman Bin Hamad Al Khalifa, the 1st Deputy Prime Minister and the Crown Prince for supporting the real sector and backing the idea to establish RERA as a regulator.
On behalf of His Excellency Shaikh Salman bin Abdullah Al Khalifa, head of the area and Land Registration Chairman of the Real Estate Regulatory Agency inaugurated the HE Engineer Essam bin Abdullah Khalaf, Minister of Works and Municipalities Affairs and Urban Planning, Deputy Chairman of the Real Estate Regulatory Authority of Bahrain Real Estate Exhibition (BaPDEX) 2018 at Bahrain City Center.
“BaPDEX 2018 exhibition is reflective of strength of Bahrain’s real estate sector’s large and distinctive real estate projects with worth over BD2 billion which includes residential units and apartments with modern specifications suit modern life experienced by the people of the Gulf region today,” said Essam bin Abdullah Khalaf, Minister of Works and Municipalities Affairs and Urban Planning.
The Minister highlighted the importance of the distinctive role played by real estate developers which according to him undoubtedly contributes to the promotion of investment in the real estate field and moving the wheel of the national economy.
The Minister thanked for the wise leadership of His Majesty the King for directives of His Majesty to achieve the highest levels of economic well – being and develop appropriate solutions for it.
He also thanked His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa whose directives helped in developing the various projects in real estate sector contribution to the national economy.
He also praised the support the Coordinating Committee Chaired by His Royal Highness Prince Salman Bin Hamad the Crown Prince to strengthen the role of non-oil sectors, including the real estate sector and providing the support for the establishment of RERA, which is working today on the regulating the sector.
Essam Khalaf also thanked the Chairman of the Real Estate Development Association and all members of the orgainising committee pf BaPDEX 2018 which provides an opportunity for the most important real estate projects.
