Conducting a study on Coronavirus impact on the properties sector

Bahrain تأثير كورونا على القطاع العقاري في البحرين

During a session chaired by Survey and Land Registration Bureau (SLRB) president Sheikh Salman bin Abdullah bin Hamad Al Khalifa, a study was announced to find out the Coronavirus impact on the real estate sector. This decision came after a meeting of the Real Estate Regulatory Authority (RERA), which was held via video conference.

 

It was also stressed the need to work to enforce the law and procedures and take into account the repercussions of the current situation in a manner that does not affect the regulations.

 

This virtual session was held to take actions that contribute to the continuation of projects and  preserve the rights of both owners and buyers.

 

Sheikh Mohammed bin Khalifa Al Khalifa, CEO of the Real Estate Regulatory Authority, also provided updated information on the status of real estate projects, in addition to decisions to revitalize the sector.

 

As a contribution to the revitalization of the real estate market in Bahrain, the creation of the Mortgage ownership certificate was approved in an effort to facilitate citizens ’procedures for purchasing real estate through bank financing.

 

.On the other hand, the government in Bahrain  paid electricity and water bills for all Bahraini citizens and companies and extended some tax exemptions on real estate and tourism, as a result of the outbreak of the Corona virus in the world.