What you need to know about Bahrain real estate
The property market in Bahrain seems to be flourishing in the past couple of years. Things like the easing of residence and ownership restrictions only made properties here more attractive to foreign buyers. And there’s nothing wrong with that. However, not much is known about the market and the country itself. So, we decided to write this guide on what you need to know about Bahrain real estate and we advise you to read it before you decide to make a purchase.
At the moment
From the start, we want you to know that the government is currently in the process of providing 40,000 homes that will be located all around the country. They hold themselves responsible for building 70% of those, while the other 30% will be built by the private sector.
You’ll be glad to hear that the retail sector in Bahrain records strong growth in the past 10 years. There are a few reasons for this. The main one being strong population growth and the increase in income. So, although the process and the situation are different than buying a house in Saudi Arabia, it seems like it’s as good a place for real estate investments as any.
Laws and regulations
The first thing you want to point your attention to if you’re considering investing in real estate in Bahrain is the laws and regulations. Before you start searching for nice and interesting properties make sure to look into registration law. Recently, it has gone through some changes and they seem to be for good. So, for instance, you can save some money if you make an early payment.
Also, no matter if you’re planning on buying an apartment, house, land, or commercial property you have to register the investment in the Survey and Land Registration Bureau. That is, of course, if you want to legally own the property and invest in the market.
The next thing we want to talk about are the tax laws, of which there are none in the Kingdom. Yes, you read that correctly. Our friends from fourwinds-bahrain.com tell us that one of the main upsides of buying a property here is that you don’t have to pay any taxes. That’s one also one of the main reasons why the market is so popular on a global scale.
There’s another recently upgraded and changed law in Bahrain, and it concerns all of you that have the idea of buying a property that you’ll rent later on. The country wanted to avoid never-ending feuds with troubling tenants, so they designed a new lease law. The idea behind it is to protect both tenants and landlords from getting scammed.
It regulates pretty much everything from rent increase, eviction policies, sub-letting, etc. The Kingdom even formed a rent dispute committee that should resolve any disputes that may occur in a timely manner. So, the chances of you having to go through courts are minimized.
Since buying a home in another continent isn’t an easy task to perform we strongly advise you to get a local real estate agent and a lawyer. These people will get you well-informed on the current laws and housing situation so you’ll be sure that you’re on the right track.
We continue our guide on what you need to know about Bahrain real estate with the talk about the locations. No matter if you’re trying to find a property to live here, or to rent it you should always seek for the places and projects that can guarantee you high-profit margins. And luckily for you, there are some areas here that are extremely appealing to both buyers and investors. Mainly because they provide 100% foreign ownership. Additionally, since these are freehold areas you can be sure that the profits will be high also.
However, before you start seeking for transport to your brand new place, there are a few things you need to know. Firstly, these are areas of high demand. So, developers are giving all they have to launch luxurious projects here. We’re just going to mention a few of them.
Al Sidra project in Diyar Al Muharraq for instance consists of 465 high-end villas that are pretty much sold out already. There are still some units left in integrated residential development sites in Seef District, Water City, and now famous Fontana Infinity in Juffair. But, with the information that worldrealestatedirectory.net has available, we can tell you that investors from all over the world are rushing with all they have to these and try to book as many as they can. So, you’ll have to be quick.
Evaluate the market performance
If you’re in the real estate business for a long time, you surely know that it’s better to ‘test the waters’ before you dive into the whole investment thing. What we mean by that is that you should do proper and long-term research about the market itself. You’re doing it right now, but there’s more to think about here.
It’s a good idea to consider moving to Bahrain for a little while if you’re looking at making a big investment. Why wouldn’t you get your possessions ready for safe relocation and visit a place for a few months? We promise you that you’ll be busy during your whole stay here.
Every year real estate exhibitions are held here. Probably the most well-known among them is Bahrain International Property Exhibition that takes place in the Bahrain International Exhibition and Convention Centre. Another one worth visiting is the Gulf Property Show that is held in the same place but at a different time.
These events exist for showcasing the latest top developments. Also, they represent a great opportunity for some face-to-face interaction with the leading developers. These are the people that will provide you with the best possible information on Bahrain real estate. Therefore, you can only win by visiting them.