Major projects and initiatives are helping drive growth in Bahrain’s real estate sector, which witnessed a 14 percent and 20 percent increase in deals in the third and fourth quarter of 2020, respectively, despite continued challenges from the coronavirus pandemic.
According to figures from the Bahrain Economic Development Board (BEDB) the total value of real estate transactions in the kingdom reached $1.9 billion (BD717.4 million) last year.
Ali Al Mudaifa, executive director – investment origination at BEBD, said: “Bahrain’s bounce back in the real estate sector is testament to the kingdom’s dedication towards economic growth.
“Seeing these projects come to life has been a rewarding experience and we are confident that Bahrain’s real estate sector will continue to grow in the coming years.”
Mixed-use major real estate projects in the kingdom are set to exceed $12 billion, which includes Eagle Hills Marassi Al Bahrain, Diyar Al Muharraq, Dilmunia and Bahrain Bay.
Bahrain’s National Real Estate plan for 2021-2024 is set to further increase the sector’s contribution to the national economy as part of continued economic diversification efforts. The plan includes five initiatives and 17 projects, including laws and regulations, long-term plans and operational initiatives for developing the real estate sector.
In addition to delivering a total of 30,000 homes over the past five years, Bahrain’s housing ministry is currently in the process of digitising their services to improve their offering. During 2020, the ministry completed around 45,000 transactions online, increasing efficiency and resulting in a 75 percent reduction in congestion time for housing service applications.
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