‘Only a day’ needed for real estate ownership transfers

Marking a new milestone in the realty sector, transfer of ownership related to real estate transactions now only takes a day. Thanks to upgrades in the systems implemented by the concerned authorities, the new development is expected to serve an impetus to the already growing realty sector.

Chairman of the Board of Real Estate Regulation Authority (RERA) and President of the Survey and Land Registration Bureau (SLRB), Shaikh Salman bin Abdulla Al Khalifa said that more mechanisms are being implemented to further reduce waiting time.

A 14 percent increase was noted in the number of real estate transactions during the first quarter of this year when compared to the previous year, he said. There were around 6,762 transactions in the first quarter of this year while there were 5,920 transactions last year. However, there was a 5pc decrease in the volume of transactions in the first quarter of this year when compared to the corresponding period last year.

Real estate in the Seef District and Al Fateh (North Juffair) top the list of most expensive properties in the Kingdom, according to a recent report. The report also showed that properties in the Capital Governorate are also among the most expensive. This also includes areas like Zinj and Mahooz, especially lands in a residential area, as the demand for them is very high.