Are You Looking for Property Purchase in Bahrain?
It is simple to purchase property in Bahrain and live hassle-free. In addition, you may purchase houses from Off-Plan Sales Projects in Bahrain and profit greatly without having to worry about your finances because these projects are under the supervision of the Bahraini Real Estate Regulatory Authority (RERA). However, there are a few things you should consider before making a property purchase in Bahrain. so that you may strike the best bargain. The first thing you need to be aware of is the price of real estate in Bahrain in not cheap. As a result, you should be aware of the property’s worth before purchasing a property
It is advised to use the services of MIA Consulting, a reliable real estate advisor since you are not an expert in pricing. By determining the actual worth of the intended property purchase in Bahrain, our experts will assist you in deciding whether to buy or rent a home in Bahrain.
After that, you must be aware of the processes for registering ownership and how to compute the real estate registration fee, which is calculated as 1.7% of the entire value of the property within 60 days of the date of purchase and 2% of the value after two months. It should be noted that the size of the land in Bahrain is determined by its square footage, and that land costs vary by location and according to motive of property purchase in Bahrain, such as for residential, commercial, industrial, or special-purpose developments.
Benefits of Property Purchase in Dubai
Property Purchase in Bahrain - Investment Advantages
Since the epidemic, property purchase in Bahrain has quickly recovered. The value of real estate transactions in the kingdom increased by 46% to USD 2.8 billion in 2021 from USD 1.9 billion in 2020, according to a study. Additionally, the overall volume of real estate transactions increased by 35% from 2020 to 2021, from 19,405 transactions to 26,136 deals.
While the demand for property purchase in Bahrain somewhat decreased, data from CBRE showed that demand for commercial and residential buildings climbed in the first quarter of 2022. Since 2016, Bahrain has allowed 100% foreign ownership of select real estate developments, but a new legislation finalized the country’s overall easing of foreign ownership restrictions in 2021. Prior to 2021, a minimum of 51% ownership from the Gulf Cooperation Council was needed for a variety of commercial operations; however, foreign ownership is now authorized for the majority of these activities with the inclusion of a Bahraini shareholder.
The result was practically immediate: 51% more houses were sold in Bahrain in Q1 2021 than in Q1 2020, or close to 3,000 homes. Additionally, the amount of transactions skyrocketed, surpassing USD 600 million. The government has attributed this sharp growth to the loosening of ownership regulations as well as the emergence of several affordable housing initiatives at the time, with a target delivery rate of 5,000 units year and 40,000 units overall by 2022. In addition to Saudi Arabia, Kuwait, India, and the United Arab Emirates, foreign investment in terms of property purchase in Bahrain has also come from Europe.
High vacancy rates and oversupply in Bahrain’s real estate market are both negative factors. The government and RERA are making an effort to promote occupier mobility and broaden the sector’s appeal in order to create additional momentum to attract investors for property purchase in Bahrain. Building a more transparent and sustainable real estate industry is one of RERA’s major goals, and to that end, it released a four-year National Real Estate Plan in March 2021. By instituting a licensing program for all real estate developments, brokers, sales agents, and developers, it has already made efforts to increase openness.
Similar to its Gulf neighbors, Bahrain has identified sustainable development as the key to its economic diversification. It has invested in technology to reduce the environmental impact of its construction and real estate sectors and, as a result, increase the value of these projects as international investors show growing interest in green investment. The actions Bahrain has taken in recent years demonstrate a sincere commitment to this, enhancing its standing as a stable and dependable location for property purchase in Bahrain by foreign investors.
It's Time to Partner with MIA Consulting
The MIA Consulting is a dependable partner you can rely on if you have plans to property purchase in Bahrain. You should be aware of whether the property you want will be yours outright or whether you will have to rent it. You must property purchase in Bahrain that fits your needs and way of life. Purchasing a home is not always simple, especially if you have never done it before. Our advisors can help locate an ideal location for you and your family in Bahrain.
The summary of the above is only a small portion of the things you should consider before opting to invest in Bahraini real estate. If you currently reside in Bahrain or have plans to property purchase in Bahrain, do contact us one before buying a home to get the most out of your investment. We are fully prepared to provide you with the best possible service as well as unrivaled professionalism, assistance, and advice.
For any questions you may have regarding property purchase in Bahrain, please feel free to call us at +91 81216 69473. You may ping us on WhatsApp too, an advisor from our team respond to you ASAP. Alternatively, you may also fill out the enquiry form on our website’s CONTACT US page.
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