Bahrain’s Q1 Property Deal Volumes Surge by 36 per cent
Bahrain has witnessed a solid growth in property transaction volumes for the first quarter which rose by 36 per cent to hit $600 million, compared to the last year’s figures of $440 million, according to data released by Bahrain’s Survey and Land Registration Board.
These figures represent a boost of more than a third compared to the same period last year, when numbers were just over $440 million. According to the report, just under 3,000 properties were sold across the kingdom during the first three months, up 51% over last year, which reached just under 2,000. The Bahraini unit of UAE listings portal Propertyfinder also reported that the number of sale listings during Q1 had gone up almost 10% over the last quarter. Much of this success can be attributed to strategic swift financial decisions taken by the government to support the economy, it added.
Ali Al Mudaifa, Executive Director, Investment Origination at the Bahrain Economic Development Board said: “The rise in real estate transactions indicates the growing demand for residential and retail properties in the kingdom which represents an opportunity for investors and developers who can benefit from Bahrain’s business-friendly regulations such as 100% foreign ownership. In addition to local demand, we witnessed a 21% surge in real estate transaction value from expat buyers including GCC nationals.”
According to him, Bahrain’s long-standing real estate sector is a popular destination for investments, offering a multi-dimensional marketplace that caters to the growing demand in the kingdom. Residential properties present a unique opportunity as affordable housing schemes come into effect, with a demand request of 5,000 units per year and 40,000 units to be delivered next year by Ministry of Housing, he added.