Bahrain This Month - November 2024

property Bahrainthismonth.com 42 November 2024 Whether you’re a local or an expat, buying your first property in Bahrain can seem daunting, but we’ve compiled a step-bystep guide to enable a smooth and rewarding process. From navigating the real estate market and securing financing to legal requirements and finding the perfect location, we’re here to help you make a confident and informed investment. Buying your first property is a major milestone, and Bahrain offers an attractive environment for both locals and expatriates looking to invest in real estate. With its growing economy, high quality of life and emerging property market, Bahrain has become an appealing destination for first-time homebuyers. The Kingdom’s real estate market is dynamic, offering a mix of residential, commercial and investment properties. Over the last decade, the country has experienced significant growth, attracting both foreign and local investors. One of the key reasons is Bahrain’s freehold property ownership law, which allows expatriates to own property in designated areas such as Amwaj Islands, Durrat Al Bahrain, Seef, Reef Island and Bahrain Bay. In Bahrain, you can find various types of properties, including: ● Apartments: Typically located in high-rise buildings, apartments offer a modern living experience, often with amenities such as gyms, pools and 24-hour security. ● Villas: These offer more space and privacy, usually located in residential compounds or gated communities, perfect for families. ● Townhouses: Townhouses provide a middle ground between villas and apartments, offering private space but at a lower cost than standalone villas. ● Commercial properties: For those looking to invest in business properties, there are office spaces and retail units available for purchase or lease. Foreigners can buy property in Bahrain, but only in designated freehold areas. Citizens from GCC countries have more flexibility and can purchase property in most parts of Bahrain. When purchasing a property, it’s essential to understand your eligibility and ensure that the property you’re interested in falls within the legal zones for ownership. One of the first steps to buying a property is determining how much you can afford. Your budget should include the cost of the property as well as additional expenses such as registration fees, legal fees and maintenance costs. Most banks in Bahrain offer mortgage services to both residents and expatriates. The mortgage typically covers up to 80 percent of the property’s value for locals and 60-70 percent for expatriates. Before applying for a mortgage, ensure you have a steady income, with a minimum salary of BD800 for expats and BD600 for locals, have a clean credit history and you should be within the required age range (usually between 21 and 60 years). YOUR FIRST HOME IN BAHRAIN

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