About 3,000 properties were sold in Bahrain in Q1 2021, which is 51% more in comparison to the same time of the previous year and the value of deals increased by 36% to reach $600 million, thanks to a new set of rules adopted by the government to help the economy and the real estate sector.
Information from the Bahrain Economic Development Board (EDB) showed the number of deals had raised dramatically as well as the whole combined value.
As per the listings portal PropertyFinder, sales listings have risen by 10% during Q1 in comparison 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 area is seeing expanding requests because of moderate housing schemes coming into effect, with 5,000 units each year and 40,000 units altogether to be conveyed by 2022 by the Ministry of Housing.