Property is one of the fastest growing markets in Bahrain and most of the buyers, say experts, are expatriates looking for a retirement home. So what do you need to know to buy your dream home?

The basics are simple. Expatriates can buy property in Bahrain as long as they have the money. But even that however, is not as simple as it seems. Essentially it has been possible for foreign investors to purchase real estate in Bahrain since 2001 when a Royal Declaration was issued to that effect. The declaration was fully endorsed by Parliament and sanctioned in 2003. However, it was intended that expatriates and overseas investors could only own property in certain areas of the kingdom. Property is one of the fastest growing markets in Bah rain and most of the buyers, say experts, are expatriates looking for a retirement home. So what do you need to know to buy your dream home?

The Process

Non CCC expatriates can purchase freehold property valued at BD5O,000 or more.

You Will Need

BD1 5,000 in a Bahrain bank as a deposit for the property.

A bank statement to the effect that your total family income is equal to or in excess of BD500 per month.

A letter from your home country certifying that you do not have a criminal record.

Health insurance.

Some agents, such as Al Saraya Properties, will deliver all relevant initial paperwork to the necessary authorities but the follow through still comes down to you. Essentially, you have to apply for residence, which means a CPR card and Visa. Buying property is legitimate grounds for expatriates to apply so, once you have bought your property on paper, your agent can hand you an address card, which you will need to apply for a CPA card. Once you have the CPA, you can open a bank account.

Yes, it does mean that in order to adhere to one of the basic stipulations for purchasing property - having BD1 5,000 in a Bahrain bank account - you have to already have residency which inmost cases you will not have until you have bought said property. “It’s a developing market” says Al Saraya Sales Manager Adel Almutlaq. “The free hold property market, even just the idea of owning an apartment in Bahrain, is all new yet the market is developing incredibly quickly. Meanwhile the legislation is being written at the same time so there are some hurdles but they are being overcome and have not yet caused any real impediment to serious buyers.”

In other words, it can be done. Of course, it helps if your agent, such as Al Saraya, is one of the largest in the kingdom, particularly if you are looking to buy in the massive Amway Islands development - of which the company owns more than half.

Need to Know

Once you have received your visa based upon your property purchase, it will accommodate your entire immediate family - meaning spouse and children. So your family does not have to apply separately.

If the property is being purchased by more than one person, a couple for example, the BD15,000 deposit must be in a shared bank account.

Advice supplied by Al Saraya Properties.

Different agencies may have additional requirements so be sure to ask your agent.

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