Over 18,000 property transfer deals took place in Bahrain this year

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Kingdom real estate sector has seen 18,751 deals in the current year, which is an increase of 7.5 per cent compared to the last year, according to the Survey and Real Estate Registration Authority.

The volume of transactions reached BD801,343,191, which is an increase of 10.1% compared to the same period last year.

The investors in the sector include Bahrainis, Arab nationals and foreigners.

Last April, a new scheme was launched jointly by the Ministry of Finance and National Economy, Ministry of Works, Municipality Affairs and Urban Planning and Edamah, the real-estate arm of the sovereign wealth fund of the Kingdom.

According to the scheme, a new platform has been made available for the private sector to invest in government lands.

The scheme is part of the Economic Recovery Plan being implemented by the Kingdom’s government.

The details of the scheme are available on investmentland.gov.bh. Earlier, The Daily Tribune reported on a major shift in the real estate sector, on the basis of statistics released by the Survey and Land Registration Bureau for the year 2020, which showed that Amwaj has taken the lead over Manama when it comes to property transactions.

Amwaj constituted 5.39 per cent of the total property transactions across the Kingdom while Manama was closely behind at 5.01 per cent. Hidd comes third at 4.96 per cent.

The share of other leading areas were Diyar Al Muharraq (3.62pc), Madinat Hamad (2.83pc), Sadad (2.31pc), Malkiya (2.20pc), Durrat Al Bahrain (2.20pc), Tubli (2.16pc) and Muharraq (2.14pc).

Speaking to The Daily Tribune, Hazeeth Hari of Mikal Real Estate said the trend could be attributed to ongoing urban development, comparatively less prices and increase in real estate investments from the part of expatriates in the Kingdom.

“If you see, urban development is actually happening in Amwaj and neighboring areas.

Iconic projects like Marassi Al Bahrain are being implemented in the area.

Dragon City, a prime shopping destination for both expatriates and citizens, also lies in the proximity.”

Mr Hari said the price variation was also a motivation factor behind the ‘Amwaj influx’.

“A two-bedroom apartment in the Manama-Juffair area would cost nearly BD60,000 while a similar property could be bought in Amwaj for BD50,000. The price difference is definitely a major factor.”

Increasing investments by expatriates also served as an impetus for Amwaj to take the lead over Manama.

“There is an increasing trend among the expatriates – investors or potential investors to buy properties in less-crowded areas. And this is undoubtedly benefitting Amwaj.”