Bahrain’s real estate market shows strong growth in third quarter of 2024

TDT | Manama
Email : editor@newsofbahrain.com

The Real Estate Regulatory Authority (RERA) has released its Q3 2024 report on the Bahraini real estate market, showcasing significant growth and activity.

The report, published on the Aqari platform (Aqari.rera.gov.bh), provides detailed statistics and insights using advanced technology and artificial intelligence for accurate data analysis.

It highlights a 17.92% increase in the value of real estate transactions compared to the same period in 2023, exceeding BD399.52 million.

Muharraq Governorate led in total transaction value, reaching BD148.687 million, while the Capital Governorate recorded a substantial increase, rising by 43.86% to over BD26 million. Two new projects, totaling BD52.91 million, were registered, adding to the 17 projects with a combined value of BD431 million.

Off-plan sales also saw growth, particularly in the waterfront area (BD28.11 million) and Al Hadd (BD12.6 million).

The report also details transaction types, with Special Purpose (SP) projects leading in the number of transactions, followed by Residential Area A (RA) and Residential Area B (RB) properties.

Permits
Building permits issued during Q3 reached 461, including 412 for residential purposes, 29 for commercial purposes, and several multi-use permits. This reflects increased activity in the construction sector, with the Southern Governorate leading in permit issuance with 167 permits.

Diyar Al Muharraq led in transaction value with BD106.6 million, with several projects currently under construction.

The complete report and detailed real estate information are available on the Aqari platform: Aqari.rera.gov.bh.