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