According to Bahrain’s Survey & Land Registration Bureau, the first quarter of 2023 saw real estate transactions total of BD243 million ($641 million), a 17% decrease from the same period the previous year.
But, it said, the number of sales transactions for Q1 increased significantly to 7,260, representing a 17% increase over the prior quarter.
The kingdom’s real estate market had experienced strong growth the previous year, signaling its post-pandemic rebound.
According to the Gulf Daily News, real estate transactions increased to BD1.08 billion ($2.85 billion) in Q4 of last year, up 3.9% from BD1.04 billion ($2.74 billion) the year before.
The number of total transactions increased from 21,444 in 2021 to 21,603 in 2022, a 0.74 percent rise, showing that the industry is once again operating at its pre-pandemic levels.
In the fourth quarter of 2022, there were a total of 5,659 real estate transactions worth BD287.5 million.
According to the research, Bahrain’s tourism sector’s recovery in 2022 made a substantial contribution to the expansion of the economy. In addition to the real estate sector, it has enhanced the income of the hospitality and hotel business.