Tourism revenues in Bahrain were up by a whopping 562 percent to BD330.4 million ($876 million) in the second quarter of the year, compared to the same period last year, new data shows.
Tourist arrivals in Bahrain also surged 38 percent to 2.4 million in the first quarter, according to data from real estate firm CBRE Group.
The revenues and arrivals were mostly attributed to the annual Formula 1 Bahrain Grand Prix held in March – which was the first race to have a live audience since the pandemic broke out in 2020. The event had its highest ever local and international attendance, CBRE said in a release.
The figures were part of a wider report by CBRE, which showed lacklustre results from other real estate. The office sector will only see an increase of total supply by less than 1 percent by the end of year.
“Although development activity in the office sector has slowed, surveys conducted by CBRE on flexible working, demonstrate the continued need for offices and, importantly, the requirement for adaptable spaces, that can accommodate evolving trends,” Heather Longden, director of advisory and transactions, at CBRE in Bahrain said.
The residential sector saw marginal increases in the average apartment rents between the first and second quarters of 2022, at 1.64 percent, while average apartment sales rates fell 3.64 percent quarter-on-quarter.
The supply of freehold apartments continue to increase, the data showed, rising 12.2 percent year-on-year in total supply anticipated by the end of 2022.
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