Interview | Riffa Views Demand in the real estate market may decline from time to time, but from a general perspective, we find that it is on the rise. The temporary decline is caused by fears linked to external factors and Bahrain is one of the least affected by such fluctuations. In your opinion what are some of the problems that the real estate industry in the region, and particularly faces today? The problems facing the real estate sector are similar in most countries. They are related to changes in oil prices, capital markets, shortage of liquidity and global economic and political conditions. In spite of that, the real estate projects are expanding and prospering. The temporary decline is caused by fears linked to external factors and Bahrain is one of the least affected by such fluctuations The effects of political and economic crises in many countries are among the biggest challenges that obstruct the march of the real estate sector. However, these effects vary from one country to another. The real estate market in Bahrain is usually not affected by crises that may occur in the region thanks to its geographical size when compared to other countries in the region. Unlike Bahrain, the real estate markets in some countries are quickly affected by instability and political or economic crises. Now, the problems facing the stalled projects are being solved thanks to the efforts exerted by the Ministerial Committee for Urbanisation and Infrastructure, which has succeeded in putting many real estate projects back on track. However, I think that there is a need to attract foreign capital into the kingdom in order to push the economic development process forward. At the same time, all laws and legislation that guarantee the rights of all real estate development projects’ parties should be put in place in order to contribute to increasing the economic growth rate, and strengthening the local economy. What opportunities can real estate projects, such as the Riffa Views, provide for tourism in Bahrain? It is commonly agreed that real estate projects are the main engines of economic, human, tourism and cultural development in all countries, and Bahrain is no exception. Indeed, the success of tourism relies heavily on making Bahrain a perfect country to live in, in the region in terms of its small size, strategic location and low cost of living. In this way, the kingdom is slated to become an ideal choice for a second residence for many GCC and foreign tourists alike. In Riffa Views, a number of GCC and foreign families take Bahrain as a second residence, and they own several properties in Riffa Views. They have chosen Riffa Views because they have found all the requirements of a modern lifestyle and a green environment in one place. There are also families that own houses in a number of other real estate projects in Bahrain. I strongly believe that the development and progress of tourism in Bahrain depends primarily on real estate projects. Wherever these projects serve varied needs in terms of housing, recreational services, cultural and trade potential, tourism will flourish. Riffa Views is generally perceived as a success story where the developers and management have stayed closely aligned to the residents needs. How have you achieved that? It is an experience we live every day, and it is wonderful. I can say for sure that the Owners’ Association has contributed significantly to developing this project and maintaining the elements of its success. I was among those who supported the establishment of the Owners’ Association so that owners participate in the management of their residential complex. Today, they are doing great work that serves the aspirations of their community. This Owners’ Association is a value-added body in Riffa Views, and it is crucial for ensuring the sustainability of the project's services, and maintaining their quality, as it is in charge of local administrative and maintenance tasks Despite the novelty of the experience not only in the Riffa Views project, but also in the real estate sector in particular and in Bahraini society as a whole, we believe that the Owners’ Association should develop quickly. It is the voice of the owners and the means of their interaction with members of their community, and we are sure that one day it will be in charge of all administrative and service matters at the Riffa Views residential complex. What are your plans after the completion of the Parks Estate villas and the project as a whole? The completion of the Parks Estate does not mean the end of the Riffa Views project. On the contrary, it will augur a new phase based on sustainability and efforts to maintain the well-being and modern life of owners and residents. As a first step, we established the Riffa Views Real Estate Company, which is in charge of the management of the community. It meets the needs of the owners and residents, maintains the quality of services provided to them, determines and collects the charges on the services, under the direct supervision of the elected Owners’ Association. The ownership of this company will be transferred to the Owners’ Association in the future, in accordance with the prospective law, which is in its final stages. 20 May <strong>2016</strong>
May <strong>2016</strong> 21