Real estate agents for “Al-Watan”: “Temporary ownership certificate” strengthens Bahrain’s position as a regional center for investment

Zahraa Habib

Mushaima: The temporary ownership certificate is an advanced step in the path of real estate digital transformation

The benefit contributes to establishing a modern real estate environment characterized by transparency and efficiency

Al-Ahly: We suggest issuing a temporary ownership statement for properties registered in the name of the “heirs.”

While the Survey and Land Registration Bureau recorded about 1.2 billion dinars in trading volume from the beginning of the year until yesterday, the Bureau announced the adoption of the “Temporary Ownership Affidavit” that replaces the original ownership document until the completion of mortgage procedures, in cooperation with the Ministry of Justice, Islamic Affairs and Endowments, and it constitutes a qualitative initiative that enhances Bahrain’s position as an attractive regional center for real estate investment. A number of real estate developers confirmed that this step will serve citizens and investors, enhancing competitiveness and accelerating financing and mortgage procedures while preserving the rights of all parties.

For his part, President of Granada Real Estate Group, Hassan Mushaima, said, “The temporary ownership certificate represents an advanced step in the path of real estate digital transformation, as it enables customers to complete their transactions easily and quickly, especially during the period that precedes the issuance of the final ownership document.” He added that the document “includes most of the basic data contained in the original ownership document, which makes it an effective tool for confirming rights and accelerating financing and mortgage processes, and reflects the trend towards integrated digital management of the property that contributes to enhancing the confidence of investors, developers and financial institutions alike.”

Mushaima expressed his appreciation for the decision issued by the Survey and Land Registration Bureau in cooperation with the Ministry of Justice, Islamic Affairs and Endowments regarding the adoption of the temporary ownership affidavit in mortgage transactions, which is considered a qualitative and influential shift in the development of the real estate system in the Kingdom of Bahrain. This initiative contributes to accelerating the completion of real estate transactions and ensuring property rights, mortgages, and land use rights, in a way that enhances efficiency and transparency, and keeps pace with legislative and procedural development in this vital sector.

This decision comes as a result of continuous cooperation and coordination between the Ministry of Justice, Islamic Affairs and Endowments and the Survey and Land Registration Bureau, which recently culminated in the meeting between the Minister of Justice, Islamic Affairs and Endowments Nawaf Al-Maawda and the head of the Survey and Land Registry Bureau Bassem Al-Hamar, within the framework of strengthening institutional partnership and integrating efforts towards developing real estate work in the Kingdom.

This is not the first cooperation between the two sides, but rather an extension of many joint initiatives that are in the interest of the nation and the citizen, contribute to establishing a modern real estate environment characterized by transparency and efficiency, and support His Majesty the King’s Economic Vision 2030, which aims to build an economy based on knowledge, innovation, and good governance.

Mushaima stressed that this decision will contribute to stimulating the real estate development movement and accelerating the pace of project completion, which will reflect positively on economic activity and support the sustainable development process witnessed by the Kingdom of Bahrain under the leadership of His Majesty King Hamad bin Isa Al Khalifa, King of the country.

For his part, Nasser Ali Al-Ahli, member of the Bahraini Businessmen Association and head of the association’s real estate committee, said, “There is no doubt that the adoption of the temporary ownership statement in mortgage transactions is an important development that contributes to accelerating and simplifying real estate procedures and supporting confidence in the Bahraini real estate market.” He added, “The adoption of this statement as a temporary document to prove ownership until the original ownership document is issued represents a qualitative shift in real estate work mechanisms, especially in light of the increase in financing and mortgage transactions, and that this trend reflects the keenness of the wise leadership and the relevant government agencies to develop the legislative and procedural structure in the real estate sector in accordance with Bahrain’s Economic Vision 2030.”

He continued: “There is no doubt that this initiative will contribute to saving time and effort for customers and investors, and enhance the confidence of financial institutions and developers in the real estate regulatory environment in the Kingdom. We also commend the fruitful cooperation between the Survey and Land Registry Authority and the Ministry of Justice, as it reflects the integration of government efforts to serve sustainable development and develop the real estate market in a modern and advanced manner.”

Al-Ahly appreciated the leadership role played by the Head of the Survey and Land Registration Authority, Bassem Al-Hamar, and the Minister of Justice, Islamic Affairs and Endowments, Nawaf Al-Maawda, in laying the foundations for an advanced digital system that contributes to facilitating transactions and ensuring the rights of all parties, stressing that this step represents a new station in the path of digital transformation of real estate in Bahrain. He suggested that it include temporary ownership of the properties that are registered in the name of the heirs according to the current system, as it is delayed in the event of switching from the old system to the current system until the original ownership document is issued. Temporary ownership is issued, especially since many of the heirs want to sell the property, and because of the delay in issuing the document, the sale procedures are not completed and the buyers may lose.

He stressed the importance of continuing such qualitative initiatives that enhance Bahrain’s position as an attractive regional center for real estate investment, and contribute to achieving national goals in the areas of ownership, finance, and housing, in a way that serves citizens and investors, and enhances the Kingdom’s regional competitiveness. He stressed that the “temporary benefit” will also contribute to accelerating financing and mortgage procedures in a way that preserves the rights of all parties, especially banks, buyers and investors.

This decision also helps in the growth of the real estate sector and encourages developers and investors to feel reassured and secure when conducting sales transactions conducted through banks and bank financing. This will enhance the increase in real estate transactions while ensuring security when dealing with buyers whose loans are financed by local banks. It is noteworthy that the ownership affidavit is a document issued automatically after the customer pays the real estate registration fees, and it is approved in most government departments that You need to prove ownership of the property.