Bahrain’s Survey and Land Registration Board has said property transaction volumes in the first quarter rose to $600 million
This is a rise of more than a third compared to $440 million in the same period last year
Bahrain’s Survey and Land Registration Board has said in a report that property transaction volumes in the country in the first quarter this year clocked in at $600 million, which spells a rise of more than a third compared to $440 million in the same period last year.
According to the report, just under 3,000 properties were sold across the kingdom during the first three months, up 51 percent 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 percent 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.”
He added: “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 longstanding 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 said.