In an effort to attract new investments and promote development in the constructions sector, the Parliament approved an amendment to the Department of Land and Surveys (Fees and Charges) Law that provides for a 50% reduction of the transfer fees payable on the sale of immovable property and the registration of leases or subleases that shall take place until the end of December 2016.

According to a new amendment to the above Law, in cases where a mortgaged immovable property is sold and the related sale contract is submitted to the Department of Land and Surveys under the provisions of the Sale of Land (Specific Performance) Law, the sale of the said property in satisfaction of any encumbrance created to secure the seller’s credit facility contract is further suspended until the end of December 2015 on the same conditions already provided in Section 44 of the basic law.