Bahraini real estate developers have tackled during the Real Estate Development Conference which started yesterday in Bahrain a number of critical subjects concerning real estate sector.
The tackled subjects included the importance of infrastructure development as Mohamed Fahmy, executive chairman of Kuwait Finance House, said that the Bahraini government has to focus more on infrastructure projects in order to offer more residential units.
Fahmy added that the current policy of loading the burden of laying infrastructure basis for projects on developers will increase the units’ cost which will result eventually in prices hike for buyers and composing market inflammation problem.
The Real Estate Development Conference discussed also the legal basis of real estate market. Aref Hagras, head of Bahrain Properties Development Association, said that recently issued laws will fill the legislative void which resulted in randomness and abruptness in the latter period.
Hagras referred to the importance of cooperation between government entities and real estate developers in order to reach best results.
He implied also during his word the gravity of real estate sector in Bahrain saying that real estate contributed in Bahrain’s national income last year by 17% compared to 13.3% in 2013.