Residential transactions rise 13% in first quarter: Bahrain

Residential transactions rise 13% in first quarter: Bahrain

Residential property transactions in Bahrain have increased by 13 per cent in Q1-2023, following legislative changes that have made it easier for foreigners to buy property in the country. In its latest Bahrain Real Estate Market Review, Knight Frank also details how the industrial warehousing sector continues to grow, while retail rents remain under pressure. Faisal Durrani, partner and head of Middle East research at Knight Frank, said: “Bahrain’s residential market has benefited from legislative changes, such as foreign ownership law, strata law, the creation of freehold zones and the recent introduction of the Golden Residency visa scheme. This has helped to drive up deal activity in the market, which climbed to BD1.08 billion in 2022, compared with BD1.04bn last year.” Mr Durrani added that apartment prices have retreated by 3.5pc in the last 12 months, while villa prices have risen by a marginal 1.5pc over the same period. This suggests that an affordability ceiling may have been reached, with demand shifting to more affordable projects that are financed by the Mazaya social housing programme. When it comes to the office market, the Knight Frank report finds that office rents have slipped by 2.1pc in the last 12-months, but there