According to online property portal, Property Finder, there are signs of rebound in Bahrain’s real estate market with an increase in the number of transactions.
The platform revealed that the value of real estate transactions in the kingdom rose by 46 per cent to USD 2.8 billion in 2021 when compared with USD 1.9bn in 2020.
As reported by Gulf Daily News, records reveal that momentum is picking up in the market with both transactions in the sale and rental market across Bahrain.
BAHRAIN SALE MARKET ON UPWARDS TRAJECTORY
For Property Finder, the sale market has been on an upward trajectory since 2020 and has experienced a period of demand from investors and first-time homebuyers owing to favourable prices and a more transparent market.
Gulf Daily News reported that the number of listings across both the sale and rental segments jumped during July–December 2021 from July–December 2020, with listings for rental units in the Southern Governorate doubling.
BAHRAIN'S 5 PILLAR NEW GROWTH STRATEGY
The rebound in the real estate market is a sign that Bahrain’s new 5 pillar growth strategy is gaining momentum. Last year, Bahrain announced a national economic growth and fiscal balance plan to enhance its competitiveness and support its post-COVID recovery plan.
The plan, which is expected to achieve net zero by 2060, looks at:
- Revitalising the regulatory reforms to enhance and digitize business and urban planning, while also aiming to launch a new residency permit programme to attract talent and investors, in addition to supporting USD 2.5 billion of FDI by 2023.
- Strategic Projects Plan which is expected to catalyse over USD 30 billion of investments in strategic projects and create industrial investment across the kingdom.
- Priority Sectors Plan, which aims to support growth across the non-oil sector in 2022 and is targeted towards the oil and gas, tourism, logistics, financial, telecommunications, IT and digital economy.
- Fiscal Balance Program: The programme seeks to balance Bahrain’s budget by 2024 and will look at reducing manpower expenditure; streamlining the distribution of cash subsidies to citizens; increasing government owned entities and introducing new government services revenue initiatives.
- New Labour Market Reforms Plan: The plan includes supporting the development of the private sector and aims to create 20,000 Bahraini jobs and train 10,000 Bahrainis annually until 2024.
WANT MORE REAL ESTATE INSIGHT?
Subscribe to the Cityscape newsletter here