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
- 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
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain
- Credit card thief jailed in Bahrain
- GDN photographer hurt in Bahrain explosion
- Bahrain King orders crackdown on terrorists
- Bahrain's 4-year development plan on track