Off-Plan Real Estate Sales Surge by 82% in Q2

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Real estate data bank platform (Aqari) has revealed an 82% rise in sales of off-plan projects during the second quarter of this year, compared to the same period in 2023. The total value of sales surpassed 19 million Bahraini dinars, according to Shaikh Mohammed bin Khalifa bin Abdullah Al Khalifa, CEO of the Real Estate Regulatory Authority (RERA).

Two new projects were also granted licences, valued at 16.82 million Bahraini dinars, contributing to the 18 developments currently under construction.

Diyar Al Muharraq has remained the highest-performing area in the second quarter of 2024, with sales transactions amounting to 29.59 million Bahraini dinars. The report further noted that the Manama-Waterfront area recorded the most transactions, reaching a total of 200.

Special Projects (SP) areas led in terms of transaction numbers, totalling 504. These included 4 buildings, 263 flats, 153 houses, and 84 plots of land. Private residential areas (RA) followed closely, with 447 transactions.

In terms of building permits issued by usage type, 327 permits were approved during the same period. Of these, 280 were for residential purposes, 29 for commercial use, with the remainder covering mixed-use developments and government facilities.

RERA has published the real estate market report for the second quarter of 2024 on the Aqari platform (Aqari.rera.gov.bh). The report presents detailed data and analysis on the performance of Bahrain's real estate sector during this timeframe, offering a clear picture of trends and developments.

Shaikh Mohammed bin Khalifa Al Khalifa stated that the report aligns with the national real estate sector plan (2021-2024), which seeks to regulate the market, promote sustainability, and boost transparency. It has become a reliable resource for decision-makers, professionals, and stakeholders in the industry.

The data in the report was compiled and reviewed using the Real estate data bank platform (Aqari) which leverages the latest advancements in real estate technology and artificial intelligence to ensure the accuracy and trustworthiness of the information provided.