Bahrain’s real estate market has exhibited remarkable resilience despite global economic uncertainty and rising interest rates, a new report shows.

Overall real estate transactions for the first three quarters of 2023 reached 16,758, a significant increase from the 15,943 transactions recorded during the same period in 2022, highlights the report by ASK Real Estate.

Covering the third quarter of 2023, the report sees the real estate sector continuing its growth momentum pushed by strong local demand for affordable housing as well as the improved performance of the tourism sector, which directly affects the sector.

The third quarter of 2023 witnessed 5,144 real estate transactions, a slight dip from the 5,278 transactions recorded in Q2 2023.

The total value of real estate transactions in Q3 2023 amounted to BD271,970,245, representing a nine per cent decrease compared to Q2 2023’s BD299,348,822.

The cumulative value of real estate transactions for the first three quarters of 2023 totalled BD814,336,089, surpassing the BD799,216,934 recorded in the corresponding period of 2022.

Commenting on the sector’s performance, ASK Real Estate chairman Majed Al Khan expressed satisfaction with the real estate market’s sustained growth, emphasising the abundance of opportunities for investors in the local market.

Mr Al Khan

ASK Real Estate’s chief executive Karim Yazji attributed the sector’s resilience to factors such as continued global pressures and geopolitical developments in the region.

He observed a global trend of investors seeking safer havens for their investments, leading to increased interest in the real estate sector.

Mr Yazji

Mr Yazji further highlighted the significance of government initiatives, particularly in the residential sector, in supporting the real estate market’s growth. He anticipated further momentum in this sector with the launch of new projects in the near future.

 

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