Investors Relations 

Know your facts

If you’re looking to buy a property in Bahrain, you’ll discover the procedures do not differ widely from those elsewhere in the world. The legal property ownership rights in Bahrain are sophisticated and well developed, meaning as purchaser, you are protected once permission to purchase has been granted and deeds of ownership are transferred into your name.

The fees for transferring the title deeds from the owner’s name into your name is 2 % from the total purchase price (applicable for both new and resale properties). However, a special discount rate is offered if the fees are paid within 60 days of the registration date, the fee will only be 1.7%.

 

As an expatriate can I buy property in Bahrain?

You can purchase property in approved freehold areas all around Bahrain

Under the Kingdom of Bahrain, Legislative Degree 2 for the Year 2001 and Edict No. 43 of 2003 (as amended by Edict No. 67 of 2006) by His Majesty King Hamad Bin Isa Al Khalifa allowing freehold properties for expatriates, resident expatriates and GCC nationals pursuant to Ministerial Edict No. 67 of 2006. This permits the ownership by expatriates of residential units of freehold area such as Amwaj island etc.

 

Where can I buy?

Decree No. 2 of 2001 provides that non-Bahrainis (both individuals and companies) may own built properties and land in the Kingdom of Bahrain.

You are allowed to buy a freehold property in particular areas of Bahrain. In general, the properties built on reclaimed land are available for purchase by expatriates areas such as Amwaj Islands etc.

Lagoon Heights is a freehold area designated for foreign and local ownership.

 

Residence Permit – Freehold property

Ministerial Order No (74) for 2007 deals with granting residence permits by a personal sponsorship to expatriates (non-Bahrainis) who purchase freehold property.

Article (2) (a) of the Order provides that an expatriate may be issued with entry and residence permit under personal sponsorship, if he/she owns a residential property in his/her name in the Kingdom of Bahrain of a total value of no less than BHD 50,000. There is no objection to mortgaging the residence in favour of one of the banks or financial institutions licensed to undertake business in the Kingdom of Bahrain. For the purposes of this Order, residence shall mean any apartment or house fit for residence.

 

Lease to Own: Key Information

 

General Lagoon Heights Info:

  1. Hand over in March 2018
  2. All units are handed over semi furnished: select appliances in kitchen & wardrobes
  3. Furnished packages from Mobilia Uno :
    1 Bedrooms from BHD 1500
    2 Bedrooms from BHD 2500
    3 Bedrooms from BHD 3500
    Personalised quotes available
  4. Show Units: 3 bedroom (unit 62) & 11th floor 1 / 2 bedrooms (units 112 & 113).
  5. Facilities: Swimming pool, gym, sauna / steam room

Lease to Own Scheme:

  1. Lease to own: Monthly payments with promise to own unit at end of instalment period
  2. Completely flexible financing terms
  3. Starting Reservation deposit of 15% of unit final price - or client choosing
  4. 1 to 5 years payment plan
  5. Month to month payment
  6. All cheques are PDC equal to number of months in payment plan
  7. BD 5.100 per sqm per year maintenance
  8. All monthly installment payments are NET inclusive of the maintenance & interest
  9. 3.5% per year simple interest - charged only on the unit price
  10. Maintenance fees covers the length of the payment plan
  11. Clients can settle final amount during payment plan period at any point
  12. Clients can rent or resell their unit (s) at their discretion
  13. Default in Payment: Buyer can resell the unit to 3rd & settle amount
  14. Copy of title deed for unit issued to buyers

Booking / Reservation Process:

  1. 15% or higher reservation deposit via cheque address to “Solara Real Estate investments company WLL”
  2. Client documents : CPR , Passport, Contact info & Place of Address
  3. Client is issued : Payment Plan, Booking receipt , Installment Info & Reservation Agreement
  4. Final signing date confirmed with Buyer : Buyers needs to bring all PDC to finalise
  5. Monthly installments via PDC is automated via Head office
  6. Furniture & handover dates confirmed with client for Move in - where applicable
  7. Move in date: Handover process with client & finalisation