By: Jithin Rahman Kunnummal
Property Manager Booya Properties
The Bahrain real estate market is recovering fairly from the pits of the COVID-19 crisis. The market has improved from the drop of 2020, however, according to our studies, residential units have slipped 15% or more in rental prices.
We recommend that this is the time to invest in the Bahrain property market to buy properties at the best rates ever. The final choice for investors looking to buy is deciding between ready units or off –plan units, with the latter option, buying through a developer, being somewhat more beneficial in terms of payment plans. Purchasing ready units from the secondary market will result in a comprehensive price and will allow the property to be rented immediately.
Negotiating a property can be as simple as buying groceries or as complicated as buying a vehicle. Apparently it’s simpler if you are dealing with individual landlords who are more flexible or developers whose policies do not allow for negotiations.
The first step in property negotiations, contact estate agents regarding properties that you are interested
in and ask for proposals. After receiving several different options, you should have an idea of the terms and prices, and you may find it desirable to engage
an estate agent to negotiate the property for you, if you feel overwhelmed by the task or, if you’re not a particularly good negotiator.
Locating at least two properties that meet your need will result in a bit of competition for your property. After you receive the proposals from the estate agents or developers, don’t let them pressure you into signing a contract prematurely.
You should have an attorney to review your property if you are planning to buy. But don’t let him or her make decisions for you. Attorneys are hired to point out property risks, and they may be overly cautious so that you don’t blame them for failing to warn you properly. Listen to the attorney’s advice, but make your own decisions.
Include these notes in your proposal. You’re unlikely to succeed with them all, but it will establish a
good position from which to negotiate and help you evaluate the willingness of the landlords to engage in meaningful negotiations. Make sure the landlords are aware that you’re negotiating with other parties as well.
After you feel you have gotten the answer for all the concerns, choose the one that is to your best advantage and finalize the terms.
This article was published as part of the fifth edition of Property Finder Bahrain’s Trends Report
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