Bahrain’s real estate sector bounces back
Bahrain’s real estate sector has shown strong signs of growth last year boosting its post-pandemic recovery, a new report by ASK Real Estate said.
The report notes that a number of construction projects which had stalled or stopped during the pandemic period have resumed and lots of construction cranes can be observed across the Bahrain skyline signalling a return to economic normalcy.
It also said that Bahrain’s real estate transactions value were BD1.086 billion at the end of the fourth quarter of 2022, compared to BD1.046bn for the year 2021, an increase of 3.9 per cent.
Total transactions last year amounted to 21,603 compared to 21,444 for the year 2021, an increase of around 0.74pc, which demonstrates the return of activity in the sector to the pre-pandemic era.
The total real estate transactions in the fourth quarter of 2022 stood at 5,659 with a value of BD287.5 million.
The report noted that the recovery of tourism industry in Bahrain in 2022 contributed significantly to the growth of the economy. It has increased the revenues of the hospitality and hotel sector, in addition to the real estate sector.
ASK Real Estate chief executive Karim Yazji said, “This real estate report provides an overview of key economic and real estate indicators in Bahrain during the fourth quarter of 2022. We aim to provide various real estate services and information to support the growth of the real estate sector and to attract foreign investors.
“This report demonstrates the positive performance of the real estate sector in the post-pandemic era. The increase of real estate transactions and the movement of construction cranes and trucks clearly indicate the full recovery of the economy,” Mr Yazji added.
Over the past months, we have witnessed an increasing demand on residential properties, such as apartments in high residential towers, houses, and land plots in different parts of Bahrain.
The new financial solutions offered by Housing Ministry have contributed greatly in increasing demand, while the rental market continued to provide lucrative returns.
“The cancellation of infrastructure fees contributed in revitalising the real estate market. We expect the sector to achieve further growth during 2023,” he added.
Source: https://www.gdnonline.com/Details/1173360
