Bahrain’s real estate deals rise 7.1%

Bahrain’s real estate deals rise 7.1%

Bahrain’s real estate transactions continue to grow, says a new CBRE report, highlighting a 7.1 per cent year-over-year jump in deals during Q2-2023.

Using data from the Survey and Land Registration Bureau (SLRB) for its analysis, the Bahrain Real Estate Market Review Q2 2023 by the real estate consultancy notes that the number of transactions decreased by 16.7pc in the quarter to 5,279, likely due to the Ramadan and Eid Al-Fitr holidays falling during that time.

In the residential sector, apartment rents across governorates increased by 2.1pc in Q2 2023 compared to Q1, while apartment sales rates fell by 1.1pc.

The highest rates continue to be seen in the Capital Governorate, although the Muharraq Governorate is beginning to close the gap, with newly delivered quality assets achieving higher rates, the report adds.

Villa rents fell by 1pc in Q2-2023, while sales increased by 0.6pc.

According to CBRE, office market demand is up, vacancy rates are down, but rental rates are stable.

A significant pipeline of new supply is expected to impact the market in the coming year.

Occupancy rates in Manama’s hospitality sector have increased by 11.2pc year-over-year from January to June 2023, says the report citing STR data.

The average occupancy rate rose from 46.1pc in 2022