MANAMA: With new tenancy laws came into effect from February 7th, the real estate sector is set to grow 5% to 7% in 2015, according to head of Real Estate at the BCCI.
“The new tenancy laws will serve as a catalyst to growth in real estate market in addition to bringing a much awaited transparency in the rental market,” Dr Hassan Ebrahim Hassan Kamal Kamal, Chairman of the Real Estate Committee at the Bahrain Chamber of Commerce and Industry (BCCI) told The24X7News Bahrain (www.twentyfoursevennews.com).
“There should be clear guidelines when you are renting a place and the new tenancy law has been conceived to address existing flaws. Under the new laws, the GCC nationals will also benefit as they do business across the region and wants to rent a place but sometime couldn’t make it because of hike in yearly rentals by the owners,” Kamal said, adding that the move will help to support the real estate market by impacting positively.
Talking about the Government’s initiative to help the stalled real estate projects, he said that this would also help to finish the backlog of mega projects somehow landed in trouble for years now. “The recommendations are yet to come but we hope that would be a step in the right direction,” Kamal said.
Earlier presiding over the BCCI Meeting on Real Estate he urged the landlords to revise their contracts according to the new tenancy laws to avoid unnecessary litigation.