Bahrain property sales surge by 51% over new foreign ownership rules

Value of property transactions reached $600mln in first quarter of 2021

  
The skyline of illuminated Manama city waterfront at night, Manama city, Bahrain. Image used for illustrative purpose.

The skyline of illuminated Manama city waterfront at night, Manama city, Bahrain. Image used for illustrative purpose.

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Nearly 3,000 properties were sold in Bahrain in Q1 2021, up 51 percent compared to same time last year and the value of transactions surged by 36 percent to reach $600 million, thanks to a new set of rules adopted by the government to support the economy and the real estate sector.  

Data from the Bahrain Economic Development Board (EDB) revealed the number of transactions had increased dramatically as well as the total combined value.

According to listings portal PropertyFinder, sales listings have increased by 10 percent during the first quarter compared to the same period in 2020. 

Much of this success can be attributed to strategic swift financial decisions taken by the government to support the economy, said the Bahrain EDB.

Ali Al Mudaifa, executive director, investment origination at the Bahrain EDB 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.”

The EDB said Bahrain’s real estate sector is seeing increasing demand due to affordable housing schemes coming into effect, with 5,000 units per year and 40,000 units in total to be delivered by 2022 by the Ministry of Housing.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@refinitiv.com 

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© ZAWYA 2021


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