Real estate has positive role in strengthening national economy
Deputy Prime Minister and Chairman of the Ministerial Committee for Development and Infrastructure Projects Shaikh Khalid bin Abdullah Al Khalifa said that Bahrain, under the leadership of HM King Hamad bin Isa Al Khalifa, and the follow-up of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, accords special importance to the real estate sector.
Such attention enables to continue to play its positive role in strengthening the national economy, raising its contribution to the gross domestic product, and attracting more investors and visitors to the Kingdom, he said.
The national real estate policies have proven their effectiveness, and this is evidenced by the encouraging indicators that herald further progress and prosperity for this vital sector, which, in the second quarter of this year, achieved a positive nominal growth of 3% on an annual basis, while contributing 4.9% to the GDP nominal during the same period, he said as he inaugurated the Canal View project on Dilmunia Island.
Shaikh Khalid said that the real estate sector has become an integrated system and that it is now protected, more than ever, by the law regulating the real estate sector.
It also provides the customers with many incentives and benefits related to legal arrangements such as competitive rates on rental returns and allowing free ownership, he added.
The government encourages developers to launch more real estate projects with integrated services and equipped with the latest and most modern equipment that meet the needs and tastes of different segments, especially projects that can be included in the plans, cooperation and partnership between the public and private sectors, he said.
This would contribute to creating wider housing solutions for citizens wishing to benefit from immediate services, Shaikh Khalid added.
Canal View is developed over an area of 13,068 square meters offering a range of residential options from 1 to 4-bedroom apartments. The luxurious property is a walking distance from Dilmunia Mall.
