Freehold property change the market in Bahrain

Its nationals call Bahrain the Pearl of the Gulf. Whether the name was derived from the country’s long history of pearling or from its strategic location, it certainly fits. Its unique cosmopolitan characteristics make Bahrain stand out among GCC countries.

The location of ancient Dilmun civilization, today Bahrain offers even more to its residents. The country is now a business and banking hub, an exhibition hub, and a prime tourist destination in the GCC.

The country’s diversified culture, laid back atmosphere and first class lifestyle made Bahrain the top choice for expats in 2017. According to expats surveyed for a study evaluating the top destinations for quality of life, Bahrain came as the number one place to live, work and raise a family.

Bahrain led the Expat Insider Poll for making foreigners feel welcome. Did the freehold law have a hand in this?

In the past, expats were only allowed to rent property in Bahrain. Now the law has changed, significantly changing the real estate market and boosting foreign investments in the country.

Real estate legislation in Bahrain now allows real estate ownership by foreigners.

However the law states certain areas, known as freehold areas or freehold zones, where foreigners are allowed to buy property.

The original declaration allowed foreigners to buy properties in five areas in the country. However, due to increasing demand, the number has increased to 10 freehold areas now in Bahrain. And the number is expected to grow even more in the foreseeable future.

The freehold areas in Bahrain now include Amwaj Island, Abraj Al Lulu, Al Juffair, Al Reef Island, Durrat Al Bahrain, Durrat Marina and Hoora.

Moreover, according to the law, freehold does not only apply to real estate, foreigners can now acquire 100% ownership of businesses in Bahrain as well.

The real estate market in Bahrain has seen considerable growth over the past couple of years as a result of these new laws, with a significant rise in foreign investment in both businesses and residential developments.

The market is expected to continue to grow, reclaimed land being another game changer. Growing number of licenses have been issued to new developments on reclaimed land and investors are very interested in properties built there. One of the reasons being that most reclaimed land developments are freehold.

There is also a cost advantage to buying property in Bahrain as opposed to other cities. You can buy a villa in Bahrain for the same price of an apartment in some other GCC countries. Although prices have seen a significant rise over the past years as a result of the real estate market change, they are still more affordable compared with other luxury destinations in the region. Additionally, there is an estimated 8% tax free return on investment. And if the property was rented, the rent is tax free in Bahrain.

Even more, when expats purchase properties in Bahrain they are eligible to apply for a permanent residency permit. The residency is for the owner as well as the spouse of the owner, provided that the spouse does not work in Bahrain.

An expat can now start a business in Bahrain. Buy property in Bahrain. And raise a family in the top living destination for expats. Put together, these reasons, which were more or less derived from the same law, definitely made a huge impact on the real estate market in Bahrain.

5 Ways to Prevent a Chimney Fire and Protect Your Family

Using a fireplace is one way to reduce energy consumption to heat your home. It is essential that the fireplace and chimney stay in good shape for same use. Below are five ways to prevent chimney fires and stay safe this winter.

Burn Dry, Cured Wood

The condition of the wood you burn will add or detract from the potential for a chimney fire. A steady build-up of creosote and high-temperature fires are a deadly combination with a fireplace. Wet, fresh-cut wood tends to produce more creosote that coats the lining of the chimney. The combustible nature of creosote makes this a dangerous mix. Use appropriately cured, dry wood for your fireplace.

Never Burn Garbage In the Fireplace

There is no way to know what types of chemicals will build up in your chimney by burning random trash. It may seem like a harmless activity, but you can end up with even more combustible material that will start a chimney blaze.

Clean the Fireplace Between Uses

Stacking new wood on top of spent coals and ash will produce a higher temperature fire. The dramatic increase in temperature is all that is necessary to begin burning the creosote build-up on your chimney pipe walls. Take the time to clean the old ashes and debris out before lighting a new fire.

Have the Fireplace Professionally Inspected and Cleaned Annually

Things can happen during the year to render your fireplace unsafe to use without necessary repairs. Have the fireplace inspected to ensure safe operation. Take the opportunity to have the fireplace and chimney cleaned. Professional chimney sweeps will remove all of the built-up creosote.

Put Smoke and Carbon Monoxide Detector Near the Fireplace

Carbon monoxide is a colorless gas that has no smell but is incredibly deadly to breathe in. Keep and maintain detectors for smoke and carbon monoxide for the safety of you and your family. You will be alerted in time to exit the home and call 911 for emergency assistance.

Contact a professional DC chimney sweep like 301 Chimney and have your fireplace inspected and cleaned today!

This is the reason the rich prefer the property business

The property business proved to be a lot of successful people. The interest of rich people to pursue the property business is none other because it has a myriad of advantages. What are they?

1. Added Value

Value added property investment is obtained due to the development of buildings on a vacant lot. Value added will be higher, if the building is in strategic location with good access and facilities, and made with beautiful architecture.

2. Increased Annual Income

From a plot of land developed, an investor can receive the lease. Another advantage is the increase in rental rates, because the nature of the scarcity of land and property will continue to occur as long as the economy in a country continues to grow.

3. Increase of Land Value

Appreciation of land value is another advantage of property investment. The number of people every time continues to grow, while the amount of land can not increase. This is a classic theory that simply explains why land prices continue to climb from time to time.

4. Long Term Investment

Compared to deposits, gold or other investments, the property has a long-lasting character. The property business has a horizon (duration) of an average investment of 3-5 years and rises between 10% to 20% per year.

5. Protection against Inflation

Traditionally, people buy land and buildings to keep these investments from being eroded by inflation.

So investors are sure to buy property, the value of investment will not go down like the value of the currency eroded inflation. Even because of the nature of its scarcity, the value of that investment continues to increase over time.

6. Good Collateral

Unlike financial investments, property is the most solid collateral or guarantee. Even in some countries, banks do not hesitate to lend funds up to 80% of the value of collateral.

7. Pride of Ownership

Compared to other types of investment, the sense of ownership of property is generally higher. So ancient, landlords were associated as rich people. This is because the property can also generate income from the lease.