Bahrain cuts new property registration cost
Manama, May 21, 2013
Bahrain has slashed the cost of registering newly-purchased property in the buyer's name to two per cent of the value, a report said.
It previously cost 3 per cent of the property value, but the Shura Council yesterday approved the new rate already passed by MPs, reported the Gulf Daily News, our sister publication.
The Shura Council approved parliament's amendments to a new survey and land registration law, which will also see the Survey and Land Registration Bureau offer 15 per cent discounts on the registration fee if it is recorded within the first 60 days of sale.
Council public utilities and environment affairs committee vice-chairman Faoud Al Haji said the new law was designed to support the real estate sector and benefit buyers.
"This law will certainly refresh the real estate sector and ensure that it recovers from the staleness it is currently in," he said. "Reducing rates is the biggest push needed at the moment."
However, the law will be referred back to parliament due conflicts in two articles. – TradeArabia News Service
More Government & Laws Stories
- UAE summons Iraq envoy over Saudi comments
- Saudi clarifies no pilgrimage ban on Brotherhood
- Bahraini minister evades municipal council quizzing
- Terrorists' identities in Bahrain exposed
- Arab nations called to fight terror in unity
- Bahrain to fast-tract action against terror suspects
- Alwaleed Foundation backs women in politics
- Saudi 'must name and shame corrupt officials'
- Libya's ousted PM Zeidan on way to Europe
- Bahrain set for big eGovernment forum
- Ministries under fire for 'failing to implement projects'
- Bahrain finance minister to be quizzed over irregularities
- 2 policemen hurt in Eker blast
- Libyan parliament sacks PM after tanker escape
- Saudi sets up panel on labour disputes
- Sand-dredging bill is hit by funding row
- Saudi rejects Maliki's charges on funding militants
- Independent foreign policy non-negotiable: Qatar
- Bahrain to crack down on bogus investments
- Bahrain urged to set up national plan to fight cyber crime
- Galfar ex-CEO gets 15 years' jail over bribes
- New law on family violence on the way in Bahrain
- Four blast suspects are remanded in Bahrain
- Bahrain to step up war on terror
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law
- Bahrain police 'face more danger in line of duty'
- Saudi names Brotherhood as terrorist group
- Qatar outraged over terror claims