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Tue 29 Mar 2016 11:53 AM

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Bahrain's real estate market not affected by oil slump - report

The real estate sector in Bahrain proves resilient at $2.63bn worth of property deals in 2015

Bahrain's real estate market not affected by oil slump - report
(Getty Images)

Bahrain's real estate market remained solid with deal values soaring despite the oil price plunge hitting GCC, according to a report.

Weetas, a property management company based in Bahrain, stated that the total value of property deals in Bahrain remained stable at BD1 billion ($2.63 billion) in 2015.

Besides the buying and selling, the development of the continued construction activity reflects the companies’ confidence in Bahrain’s real estate market, Trade Arabia reported.

The construction sector in Bahrain achieved a growth of seven per cent in the start of 2015, stated the report citing property expert CBRE.

Many real estate investment and development companies entered the local real estate market, especially in the last two years, to participate in the real estate boom, said the report. This boosted properties’ prices by 400 per cent during the last 10 years in certain areas, it added.

Other attractions for overseas investors are the low investment costs in Bahrain – the average price of apartments’ sqm is $2,072 in the kingdom compared to $5,073 in the UAE – and lower transactions costs, in addition to the ease of doing business in Bahrain for property investors and the country's relatively low cost of living for both citizens and expats.

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