Bahrain mulls new rents law
Manama, August 27, 2008
Bahrain's parliament will discuss a new rents law at its next session in view of the soaring prices in the real estate market.
The proposed law will replace the current one, which has been in place since 1946, MPs' Utilities Committee member Khamees Al Rumaihi told our sister paper Akhbar Al Khaleej.
The law proposes a seven per cent increase in rents for contracts of three years or less and five pc increase in those for more than three years, he said.
Views of Justice and Islamic Affairs ministries and Bahrain Chamber of Commerce and Industry will also be taken into consideration.- TradeArabia News Service