$646mln property deals sealed in first quarter: Bahrain

$646mln property deals sealed in first quarter: Bahrain

Property deals worth nearly $646 million (BD243,017,022) were done during the first quarter of 2023 in Bahrain, shows a new report.

Local firm ASK Real Estate’s analysis of the sector concludes that growth of 14.5 per cent in the number of real estate transactions to 6,336 during Q1-2023 when compared with 5,533 in the same period last year demonstrates that Bahrain’s property market has performed well despite global challenges.

The report notes that the failure of several US regional banks is expected to result in marked tightening of credit conditions across the globe. As a result, the global property market is expected to slow down.

In Bahrain, real estate transactions by non-Bahraini GCC nationals and foreigners saw a slight increase during the quarter, it adds.

The value of Gulf real estate transactions amounted to BD15.427m in the first quarter of the current year, increasing from BD10.407m last year, whereas the value of foreign real estate transactions was BD17.057m in Q1 this year, compared with BD12.857m in the same period last year.

Quoting government data, the report said real estate and business activities grew at 1.1pc at constant prices in Q4 of 2022 compared with Q4 of 2021 with the sector’s contribution to the national GDP