Interview: Sheikh Mohammed bin Khalifa Al Khalifa, former CEO, Real Estate Regulatory Authority
To what extent are sustainable building practices being integrated into national policies?
SHEIKH MOHAMMED BIN KHALIFA AL KHALIFA: The government is actively implementing sustainable building practices and global sustainability standards. Collaboration between RERA, the Ministry of Sustainable Development, the Urban Planning and Development Authority, and other related entities is supporting the adoption of renewable energy, green technologies and energy-efficient designs.
Since the launch of the National Real Estate Plan 2021-24 (NREP), Bahrain has made significant strides in providing a sustainable investment environment and an integrated ecosystem for innovative technologies in the sector. This plan strives to attract global expertise and investment and encourages sustainable growth through the promotion of transit-oriented development, green spaces and multi-modal transportation. These efforts are supported by policies, regulations and effective implementation to enhance sustainability.
Which innovative real estate solutions are being explored to meet the housing needs and preferences of a younger population?
SHEIKH MOHAMMED: Community engagement is the key to success. The younger generation craves convenience and personalisation, and technology-enabled solutions can bridge this gap in the real estate market. App-based services, virtual tours, artificial-intelligence-driven matchmaking algorithms that align properties, buildings and unit designs with individual preferences, and blockchain-based smart design tools are among the innovative solutions catering to the evolving needs of the market. Platforms like Aqari, launched in 2023, aim to offer precise and up-to-date real estate information to the government, private sector and investors. Additionally, Baity, a user-friendly platform for Bahraini citizens seeking to purchase an affordable home, allows young people to leverage technology for a more personalised real estate experience.
What more can be done to leverage the real estate sector as a catalyst for job creation and the enhancement of professional expertise?
SHEIKH MOHAMMED: The focus is on supporting the pillars of the NREP, particularly its emphasis on professionalism, by investing in continuous professional development. For example, RERA’s training programmes for real estate professionals will evolve to encompass a wider range of skills, such as construction, management and brokerage. This could enhance the sector’s role in job creation, and ultimately contribute to economic diversification. Additionally, streamlining the licensing application process will help to accommodate a larger number of individuals interested in the sector. Simplifying procedures will enable brokers, sales agents, valuation surveyors, property managers, developers and other real estate professionals to obtain the necessary licences more efficiently. Elsewhere, fostering partnerships between educational institutions and sector entities could help create a robust talent pipeline.
Where do opportunities exist to address financing challenges and improve mortgage market accessibility and affordability for first-time homebuyers?
SHEIKH MOHAMMED: A multi-pronged approach is helping to ensure an accessible and affordable mortgage market for first-time homebuyers. To support the adoption of international best practices, market trends are analysed through research conducted via the Aqari platform. In addition to creating a unit registration certificate for off-plan sales and crowdfunding solutions for wider investor participation, it is important to enhance national policies and regulations, including mortgage rate reductions and flexible loan requirements for first-time homebuyers. These measures help to reduce the upfront costs of home purchases and promote the establishment of specialised real estate investment trusts to increase the availability of mortgage-backed securities and diversify financing sources.
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