First-time property buyers could be exempted from certain registration fees under a proposal facing government opposition. The plan seeks to eliminate a 2% charge on property sales, exchanges, and high-value gifts, with supporters arg
TDT | Manama
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First-time property buyers could be exempted from certain registration fees under a proposal facing government opposition.
The plan seeks to eliminate a 2% charge on property sales, exchanges, and high-value gifts, with supporters arguing it would ease costs for buyers and prevent a slowdown in the housing market.
However, the government has called for a review, warning that the amendment could impact public revenues, increase the budget deficit, and undermine fiscal stability. It also noted that many lower-income buyers already benefit from fee exemptions through state-backed housing loans.
The Survey and Land Registration Bureau has also voiced concerns, stating that these fees are a crucial revenue source and that excessive waivers could weaken financial sustainability.
In response, MPs on the Public Utilities and Environment Committee have backed the proposal but moved to tighten its scope, limiting the exemption to residential property purchases while scrapping the waiver for property exchanges.
