Manama Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of the Real Estate Regulatory Authority (RERA), has underlined Bahrain’s keenness to provide supportive facilities and incentives to consolidate the confidence of investors and traders in the real estate sector in the promising prospects of the knowledge-based and competitive Bahraini economy.
He indicated that efforts to introduce initiatives that provide the best opportunities for investment in the real estate sector will continue to consolidate the kingdom’s diversified, business-friendly and transparent investment climate, which will strengthen the Kingdom’s position as a sustainable destination for investment.
RERA chief was speaking during a press conference on the national real estate data bank platform (Aqari Data Bank), launched today under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
Aqari data bank aims to offer precise and up-to-date real estate information to the government, private sector and investors. It operates through an integrated electronic platform providing information on the quantity and worth of real estate transactions, property specifics, maps, land classification, and locations of commercial complexes, healthcare facilities, and educational institutions. It is also within the National Real Estate Sector Plan (2021-2024). he said.
Shaikh Mohammed bin Khalifa pointed out that the “Aqari” platform aims to provide the relevant government agencies with real estate sector indicators to contribute to facilitating appropriate decision-making, as well as to supporting those wishing to trade and invest in the real estate sector by making appropriate economic and investment decisions for them based on reliable and transparent information from official sources.
This, he said, contributes to achieving the principle of transparency for all investors and traders in the real estate sector, as they are constantly informed about its latest developments, which will raise the level of investor confidence and attract investments.
He stressed that “Aqari” is a central, reliable national source for real estate information, that uses artificial intelligence and technology in the real estate field.
He commended the efforts of the relevant government agencies, namely the Ministry of Municipalities Affairs and Agriculture, the Ministry of Works, the Ministry of Housing and Urban Planning, the Ministry of Industry and Commerce, the Survey and Land Registration Bureau, the Central Bank of Bahrain, the Electricity and Water Authority, the Information and e-Government Authority, and the Urban Planning and Development Authority, the Bahrain Tourism and Exhibitions Authority and the Eskan Bank for their coordination with RERA, by providing the “Aqari” platform with all necessary and updated information.
He noted that the platform will contribute to providing a lot of information depending on the nature of subscription to it, which will provide a number of advantages, including obtaining an interactive map to display all real estate information in general, real estate development projects (off-plan sales), and real estate transactions, in addition to building permits, land classification, tourism and hotels (occupancy rate, average price of accommodation.
The Aqari Data Bank platform will also provide information about the ongoing infrastructure projects, a list of real estate professionals, built and unbuilt lands, status of buildings (occupancy rate, rented and unleased flats), and areas owned by foreigners, in addition to commercial complexes, archaeological monuments, educational, health and sports facilities, and other information of importance to the real estate investors, RERA chief also said.
