Real estate sector bounces back in second half of 2020

Manama: Bahrain’s real estate sector bounced back during the second half of 2020, increasing by about 14 per cent in the third quarter and 20pc in the fourth quarter.

Survey and Land Registration Bureau (SLRB) president and Real Estate Regulatory Authority (RERA) chairman Shaikh Salman bin Abdulla Al Khalifa said the volume of real estate trading had amounted to BD717,436,872 in 2020, compared with BD808,934,154 in 2019, marking a decrease of 11 per cent.

He indicated that the results could be considered positive, given the exceptional circumstances created by the spread of the Covid-19 pandemic and its economic impacts.

“The positive results attained in the second half were the fruitful outcome of the measures taken by the government to support the economic activities, in general, and the real estate sector, in particular,” he said, noting that the government has been keen to strike a balance between enforcing precautionary measures to prevent the spread of the pandemic, and providing the appropriate environment to ensure the continuity of vital economic sectors, which contributed to their relative stability.

Shaikh Salman pointed out that the adoption of digital work had played a role in facilitating transactions during such conditions.

He affirmed that the kingdom’s real estate sector boasts an investment-attracting environment, given the kingdom’s laws that protect the rights of dealers, and the support of the government for it.

Source: http://www.gdnonline.com/Details/923871/Real-estate-sector-bounces-back-in-second-half-of-2020