Bahrain residential deal volumes rise 5.1% as prices stabilise: Knight Frank

Bahrain residential deal volumes rise 5.1% as prices stabilise: Knight Frank

The residential sector has witnessed a 5.1% rise in real estate transactions during the first nine months of 2023. Additionally, there has been a marginal increase of 1.9% in the total transaction value, reaching BD 814 million, according to Knight Frank’s latest report “Bahrain Real Estate Market Review – Autumn 2023.” Faisal Durrani, Partner – Head of Research, MENA, commented: “The higher growth in transaction volumes compared to transaction values suggests a decline in prices. Villa developments have continued to captivate buyers, with average sales prices in the mid-end segments holding steady at BD 625 per square meter. However, the cost of credit has affected premium developments, particularly apartments, which saw a 2% decline to BD 665 per square meter”.Additionally, expatriates, constituting an estimated 52.6% of the total population by 2022, continue to be a driving force in Bahrain’s rental market. Demand for rental properties remains consistently high, particularly in sought-after expat-friendly locales such as Juffair, Amwaj Islands, and Al Seef.Office MarketThe sustained migration of corporate occupants to high-quality Grade A developments has fuelled a strong demand for office space in upscale buildings over the past year. Despite this trend, rental values have remained stable at BD