A proposed law aimed at restricting foreign ownership of real estate in residential areas has been dismissed by the Real Estate Regulation Authority (RERA).
RERA has expressed its reservations about a proposed law which aims to restrict foreign ownership of real estate to tourist areas. The authority, in a note to the Shura Council, stated that such a law would adversely affect the real estate sector and the economy. “There has been a decline in real estate trading and existing economic conditions constitute one of the primary reasons,” a RERA official said.
According to RERA, the real estate market needs a push to improve its state. In 2019 there has been a drop in revenue from 38 million Bahraini dinars to 22 million Bahraini dinars, which is a 42 per cent plummet.