Real estate transactions in Bahrain increased by 36 percent in the first quarter of the year, reaching BD226 million ($600m), according to figures released by the kingdom’s Survey and Land Registration Board.
This compares to Q1 in 2020 when the value recorded was just over BD166m ($440m).
Almost 3,000 properties were sold across the opening three months of this year, a rise of 51 percent from Q1, which reached just under 2,000. Listings portal Propertyfinder.bh also reported that the number of sale listings during Q1 2021 have gone up almost 10 percent over the last quarter, which has been attributed largely to strategic swift financial decisions taken by the government to support the economy throughout the Covid-19 crisis.
Ali Al Mudaifa, executive director, Investment Origination at the Bahrain Economic Development Board said: “The rise in real estate transactions indicates the growing demand for residential and retail properties in the kingdom, which represents an opportunity for investors and developers who can benefit from Bahrain’s business-friendly regulations such as 100 percent foreign ownership. In addition to local demand, we witnessed a 21 percent surge in real estate transaction value from expat buyers, including GCC nationals.”
Bahrain currently has a demand request of 5,000 units per year and 40,000 units to be delivered by 2022 by the Ministry of Housing.
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