Bahrain’s real estate market booms: Transactions up 13% in first quarter of year

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Real estate transactions in the Kingdom of Bahrain have surged by 13 percent in the first quarter of this year, as revealed by the Real Estate Regulatory Authority (RERA) through its inaugural market report for Q1 2024 on the Aqari platform.

This comprehensive document offers a wealth of data, insights, and statistics on the Kingdom’s burgeoning real estate development sector, tailored for developers, investors, real estate professionals, and policymakers.

H.E. Shaikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, highlighted the importance of the Aqari platform in showcasing Bahrain’s commitment to developing state-of-the-art systems and adopting modern technologies, including artificial intelligence, across various sectors, particularly the promising real estate sector.

He emphasised that the report, published quarterly on the Aqari platform (aqari.rera.gov. bh), would serve as a reliable source for tracking key real estate indicators and trends.

This initiative aligns with RERA’s role as the primary source of accurate data and statistics on the Kingdom’s real estate development sector.

It also supports the objectives of the National Plan for the Real Estate Sector (2021–2024), aiming to achieve a sustainable real estate sector that acts as a positive driving force for other economic sectors.

The Q1 2024 report highlights several key real estate developments. Sales transactions grew by 13%, with Areas of Social Services and Public Utilities Projects (SP) representing 22%.

Private Residential Area A (RA) followed closely at 18%.

Connected Residential Area (RHA) saw a 13% increase, contributing to a 23% rise in the total value of sales transactions.

A total of 550 building permits were issued, including 462 for residential purposes, 56 for commercial purposes, and others for multi-use government facilities. Diyar Al Muharraq saw sales transactions exceeding BD30 million, Manama around BD24 million, and Al Hidd BD12.39 million.

Projects One off-plan project was licensed for BD45 million, with the total value of under-construction projects exceeding BD430 million.

Sales of off-plan projects reached over BD11 million in Q1 2024. The highest apartment sale reached BD1.4 million.

The Q1 2024 Real Estate Market Report offers an invaluable window into the dynamic real estate landscape of Bahrain, illustrating its vigorous growth and boundless potential.

This report serves as an essential resource for stakeholders seeking to understand market trends and make informed decisions.