Manama, 21 July 2016: The decision by the Bahraini government to allow foreign investors 100% ownership in various sectors of the market is likely to have a positive long term impact on the Kingdom's property markets, according to leading international real estate consultants, Cluttons.
Harry Goodson-Wickes, Head of Cluttons Bahrain and Saudi Arabia said, "The government's decision to allow 100% foreign ownership is an important development for Bahrain. Economic growth in the country had been subdued ever since oil prices fell from record highs two years ago and the announcement will likely have positive implications for business. The move will also improve investor confidence and make Bahrain an attractive place to work and live in."
According to the government, the new law will allow 100 percent ownership in residency, real estate, administrative services, health and social work, information and communications, manufacturing and technical activities amongst others.
Faisal Durrani, Head of research at Cluttons commented: "For the property market, Bahrain already offers a competitive advantage to many other regional locations as residential and commercial rents and values are amongst the most attractive in the region. The decision is likely to attract companies to set up a Middle East foothold in the Kingdom and for the first time puts Bahrain on a competitive footing with some of the region's mega free zones and business hubs."
"There is unlikely to be an overnight boost to real estate values and rents, but it will certainly help to support long term activity and we will need to reassess our medium to long term forecasts as a result of the announcement," Durrani concluded.
About Cluttons
Cluttons is a global real estate services company, with a presence in over 50 countries. Cluttons was one of the first surveying and property advisory businesses to open offices in the Middle East, and now offers dedicated real estate services across the Arabian Gulf, with offices in Abu Dhabi, Dubai, Sharjah, Bahrain and Oman.
Cluttons provides clients with residential sales and letting services, commercial leasing and investment, consultancy, property and facilities management, and valuations, fulfilling their property needs across the Middle East. Cluttons delivers its high-quality real estate services to clients ranging from international corporates and institutional investors, to private individuals and families.
With a strong presence in the Middle East since 1976, Cluttons is a trusted market leader in the region, having grown its operations and established a proven track record of success over the last 40 years.
Founded in 1765, Cluttons employs over 700 staff worldwide and has a fast-growing international presence, including a network of offices in the UK, Europe, Middle East, Asia Pacific, India and Africa
www.cluttons.com
© Press Release 2016
