Are you one of those who don’t have a clue about real estate, be it buying property, selling or renting? There is a lot of activity and buzz surrounding real estate in Bahrain, but if you are clueless, here are some tips that could come in handy:
No matter whether you are buying or selling property, it helps to look up online listings and get hold of a real estate agent. A trusted and reliable agent will help you look for properties that match your budget. Having a budget is one of the first steps when it comes to buying, and expecting a certain price when it comes to selling.
Location is very important when you buy property, especially when it comes to real estate in Bahrain. This is because there are rules for property ownership in the country. GCC/Bahraini nationals can freehold properties wherever they want. There was a time when foreigners were only allowed to rent, but that has changed. There are now freehold regions for expats to invest in real estate. It is best to consult a real estate agent, lawyer and experts in Bahraini real estate before you invest.
Some of the freehold areas in the kingdom of Bahrain include Amwaj Islands (mixed use), Reef Island, Juffair, Seef, Bahrain Bay, and Durrat Al Bahrain.
When you are looking for property, ask the right questions. Check the builder/owner’s antecedents. Find out what the general prices are in the locality before you make a commitment. Discuss all aspects with your agent before you make a call.
In terms of prices, some of the highly priced projects are in the new resorts and tourist spots. Prices are on the higher side in localities like Amwaj Islands. Juffair is more moderately priced.
When it comes to registration of property, any real estate in Bahrain needs registration with the Survey and Land Registration Bureau (SLRB). Also, you should get your sale agreement notarized. You will need to pay a fee for both the notarization and registration. You should remember that the property belongs to you only after you have completed your registration formalities at SLRB. Foreign buyers have to meet certain other requirements when they get their documents notarized.
Typically, if you buy or sell via a real estate agent, the fee can range from 1 to 5 or 6 per cent of the overall property price. The fee also depends on which type of real estate you are buying.
sactions will keep the residential real estate sector buoyant in the region.