More than half of Bahrain residents – 75 per cent of whom are millennials – expect to buy a home when they move next, according to a CBRE survey.

A poll of more than 100 people in Bahrain – representing multiple generations from Gen Z to Baby Boomers – by the real estate services firm also found a preference for home ownership in the country as opposed to many other countries.

The key takeaway of CBRE Bahrain’s Live-Work-Shop Report is that location, flexibility, and quality are key to future of living, working, and shopping in Bahrain.

Overall, the survey suggests that the rental market will continue to dominate in Bahrain, but homebuying sentiment is strong and is likely to grow in the future with 55pc of respondents planning to buy their next home.

Commenting on the findings, Heather Longden, director for advisory and transactions at CBRE in Bahrain, said: “Responses to the survey indicate evolving preferences in the way that people live, work and shop in Bahrain. The residential rental market dominates, with most respondents continuing to rent their accommodation; however, sentiment towards homebuying is strong, particularly amongst millennials.”

The poll reveals that 53pc of respondents currently rent their homes in Bahrain. The rental market continues to dominate, with the majority of expatriates, who make up 52pc of the population, renting their homes, despite purchasing options available in designated zones.

The pandemic has changed the way people think about home selection and people are now looking for homes that are more functional, comfortable, and convenient.

Bahrain residents now want more outdoor space, good property management, and shorter commutes, the study shows noting that price is still important, but it’s not as important as it is in other countries.

Talking of work, the survey suggests that there is a strong desire for flexibility among employees in Bahrain. However, few companies are supporting the adoption of hybrid working.

This is a missed opportunity for companies, as hybrid working can lead to increased productivity, employee satisfaction, and cost savings.

Most employees (82pc) want to work from home at least some of the time, and the main reason why employees want to work from home is because of their commute time.

Other factors that influence employees’ desire to work from home include the quality of the workplace, its location, and the infrastructure.

As for shopping, the survey suggests that most consumers in Bahrain (91pc) still prefer to shop in-store. However, the pandemic has changed their habits, and they are increasingly using a variety of channels to shop with 65pc of consumers surveyed saying they do some of their shopping online.

It is notable that brick-and-mortar retail is still the dominant sales channel for all key product types as consumers want to physically see and try products before they buy them.

The poll found that 36pc of consumers are shopping online more often, and 28pc are shopping locally more often. This is likely because consumers are more cautious about their health and safety, and they are also looking to support local businesses.

 

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