Kingdom plans new law to regulate real estate sector

Manama : A new law is on the anvil to regulate and stabilise the growth of the real estate sector in Bahrain, announced Deputy Prime Minister HH Shaikh Khalid bin Abdulla Al Khalifa yesterday.

“The move will enhance the stability of the sector,” said Shaikh Khalid while opening the Gulf Construction Expo (GC Expo 2017), the Gulf PropertShow and the Gulf Interiors Exhibition (gulfInteriors 2017). He was deputised by Prime Minister HRH Prince Khalifa bin Salman Al Khalifa.

Shaikh Khalid affirmed that the new bill forms part of a move to cope with the rapid developments and the investment boom witnessed in the real estate sector.

He, however, revealed that the efforts to address the issue of stalling real estate projects led to the revision of the existing two-year-old law by the government.

The deputy premier also commended the efforts exerted by the private sector in boosting the specialised exhibition industry. The expo will continue until April 27, with the participation of 135 exhibitors.