Bahrain’s Real Estate Regulation Authority (Rera) has declared that it had suspended licenses of two land appraisers for a quarter of a year (powerful March 16) over infringement of the Bahrain Valuation Standards (BVS).
The Rera move comes following the conclusion of an examination that uncovered infringement of the Bahrain Valuation Standards (BVS), which completely adopts and carries out the International Valuation Standards.
One property was esteemed at a figure that surpassed BD20 million ($52 million) through the permit conceded to the appraisers during the arrangement of the valuation report expressed that they are not permitted to assess any property with an estimation of more than BD3 million (8 million), said the land watchdog in its statement.
As per Rera, the choice depends on the arrangements of Law 27/2017 declaring the Real Estate Sector Regulation Law and on Resolution 2/2019 in regards to the licenses of appraisers in the land area, and on its guidelines and administrative choices to safeguard the privileges of all dealers in the land area.
Rera called upon authorized land appraisers to adhere to esteeming land inside the class gave to them by the office to try not to confront managerial and lawful measures.