Everyone dreams of having a space that they can call their own. Home or Land ownership is something that happens after a lot of thought processes, even if your finances are in control or not. Before you invest a major portion of your savings into your dream home, there are a lot of questions that come into your mind. Here, we are guiding first-time buyers by answering some of the common questions you may have:
According to the Bahrain constitution, the citizens are provided housing assistance along with house loans, flats, and houses by the Ministry of Housing. Since 2001, foreigners (ex-pats) have also been allowed to buy property in Bahrain, provided that the areas are restricted to specific residential and commercial zones.
You can buy land in the following areas:
These areas are also known as freehold areas. This rule is applicable to resident ex-pats, foreign ex-pats and GCC nationals. However, the maximum possible acquisition of freehold area for an expat is 5,000 square meters.
Yes, the Bahrain government issues self-sponsored residence permits to all those ex-pats who acquire property in freehold areas. This permit also allows them to sponsor their spouse and children under the age of 18. Moreover, the spouse should not be a paid employee.
The residence permit has two more conditions:
Once you come into an agreement with a seller, you both need to sign a sales agreement and pay a down payment which is mostly 20% of the whole deal. The balance payment, whether made in installments or full payment should also be stated in the sales agreement. Once the full payment is made, the property ownership is transferred from the seller to the buyer. This should be notarized at the legislation court with a fee of around $40. The property is then registered with Bahrain´s Survey and Land Registration Bureau under the buyer’s name.
It is always advised that you speak with a lawyer or hire a real estate agent so that the process will be faster and easier.
It is better to register at the earliest. The buyer also gets a 10% discount if registration is done within 60 days from the completion of the sales agreement.
You need some essential documents to register with the Registration Bureau. This includes your passport, identification card, and sales agreement along with the previous owner’s title deed.
Acquiring land in Bahrain is a very systematic and straightforward process. Once you are eligible to buy property, and have the right documents and a good real estate agent to guide you, the process will be as simple as can be.