*** ----> Government Exempts Low-Income Housing Fees, Opposes First-Time Buyer Waiver | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Government Exempts Low-Income Housing Fees, Opposes First-Time Buyer Waiver

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

The government announced that all housing services provided to low-income citizens are exempt from real estate registration fees. This exemption covers not only housing units but also lending services for constructing new housing, purchasing, or repairing existing homes.

Furthermore, the government confirmed that the exemption applies to all real estate fees without exception. This initiative is part of the Ministry of Housing’s effort to support citizens by offering housing or loans for building, buying, or repairing homes.

However, the government expressed reservations about a proposed parliamentary law that would waive real estate registration fees for all citizens upon purchasing their first residential property. The government stressed that exemptions from real estate fees are limited to those who obtain loans from the Housing Bank for purchasing housing units or vouchers within the loan's limits.

The government voiced concerns that the proposed law might lead to legal loopholes, where individuals might exploit the first-time buyer requirement by creating fictitious contracts with others to evade fee payments. Additionally, the government warned that the draft law could negatively impact the state's general treasury revenues, as total fee exemptions would reduce government income, thereby affecting its ability to provide services and improve financial performance sustainably.