Covid impact on properties sector to be probed

MANAMA: A study is to be conducted into the impact of coronavirus on the properties sector.

This was announced during a board meeting of the Real Estate Regulatory Authority (RERA), which was held yesterday via video conference.

Chaired by Survey and Land Registration Bureau (SLRB) president Shaikh Salman bin Abdulla bin Hamad Al Khalifa, the virtual session directed to take measures which will contribute to the continuation of projects, and preserve the rights of all parties, especially landlords and buyers.

The panel stressed the need to work in parallel to enforce the law and procedures and take into account the implications of the current situation, in a manner that does not affect regulations.

It also approved the creation of a mortgage ownership certificate in a bid to facilitate procedures for citizens to purchase properties through bank financing, which contributes to the revitalisation of the real estate market in Bahrain.

RERA chief executive Shaikh Mohammed bin Khalifa Al Khalifa gave an update on the situation of properties projects, as well as decisions to revitalise the sector.




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