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Brief History of Modern Real Estate Science in the Kingdom

Posted: 3 April, 2024
Author: Zainab Khalifa
Time to Read: 277 Min
No. of Words: 2
Analysis and Valuation: A Brief History of Modern Real Estate Science in the Kingdom

The real estate analysis is considered one of the most important modern sciences and studies worldwide. In Bahrain, for the first time just a few years ago (specifically in 2020), the University of Bahrain introduced the Master of Science program in Real Estate Development. The program aimed to create qualified professionals and ethical leaders capable of successfully dealing with the dynamic and evolving environment, developing the profession within an academic environment that meets the requirements of quality and success for comprehensive urban development in the Kingdom. It also prepared individuals for managerial positions in the fields of real estate development and property management in local and international companies by providing trainees with the necessary scientific knowledge in land planning and development, land laws, marketing sciences, valuation, and property management.

Scientifically, and to be more precise, it was preceded by the launch of the Real Estate Regulatory Authority (RERA) in collaboration with the Bahrain Institute of Banking and Finance (BIBF) to introduce the first specialized professional educational program as a requirement for obtaining licenses for brokers and sales agents in 2018 (under the name of the Diploma in Real Estate). I recall my participation in that program, which brought together top real estate experts before the COVID-19 pandemic disrupted it. The program aimed to build a strong and sustainable real estate sector by ensuring that all service providers are qualified and operate according to international professional standards. This program has been further developed and adopted for everyone in the sector today.

Although experience is the most relied-upon factor for practitioners in the profession, the importance of such specialized and scientific programs has become evident. This became clear after the battles fought by the institution in recent years, particularly after the enactment of the real estate regulation law, specifically against speculators and those who weighed down the market for years with their imaginary analyses or illusory bubbles, aiming primarily at their own trade and profit. The greatest danger we faced was when these individuals dominated the real estate scene and market, refusing to engage in the licensing process. A remarkable example is the bold decision made by the Kingdom of Saudi Arabia to prohibit random analyses touching the sector, except from those with practice, experience, and licensing. Today, we are on the verge of reaping the benefits of this continuous education and regulation of one of the most important sectors. We witness the spread of smart city projects and the beauty and smoothness of modern plans for commercial, investment, hotel, entertainment, and residential projects. These projects are accompanied by the provision of health and educational institutions, alongside parks, walking paths, and public playgrounds, all of which establish a pattern for a healthy life and create a developmental environment and fabric for the community. We have good examples of this in several modern projects and cities.

By Ali Al Habshi

House Me provides exceptional valuation services. You can learn more about their offerings by visiting https://houseme.bh/professional-valuation-services-evaluation-services-2/

Summary:
  • The University of Bahrain introduced a Master's program in Real Estate Development to create qualified professionals capable of handling the dynamic real estate environment.
  • The Real Estate Regulatory Authority (RERA) and the Bahrain Institute of Banking and Finance (BIBF) collaborated to establish a specialized educational program for brokers and sales agents.
  • These initiatives aimed to enhance the standards of the real estate sector and ensure compliance with international professional standards.
  • The focus on education and regulation has helped combat speculative practices and create a sustainable real estate sector.
  • The advancements in the real estate industry have led to the emergence of smart city projects and the integration of amenities within modern developments, promoting a healthy and vibrant community.
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