Bahrain: First two non-GCC investors in real estate project
The first two non-GCC investors in Al Marsa Floating City have signed to put the property ownership titles under their names at the Land Registrar Directorate. According to GDN, the properties were bought by Indian M K Sivadasan, who signed last week and Irishman Declan Gaynor, who signed Sunday.
Amwaj Islands chairman Saud Kanoo said these signings should help boost investment in Bahrain's real estate sector.
It will make people more aware that the law now allows expatriates to buy property in some parts of the kingdom, he said.
Al Marsa, which is part Amwaj Islands, is currently under development. Phase 1, which includes 77 houses and part of phase two and three is expected to be habitable within the next few months.
Al Marsa, which is cost over BD20 million, is being developed by YBA Kanoo Group and Al Shamil Bank.