The chairman of Bahrain Real Estate Development association, Aref Hagras, has mentioned that the current oil crisis will never affect by any mean the real estate market in Bahrain. He expected the real estate development rate to hit 70% in the coming 5 years.
Hagras estimated, during his intervuiew with Akhbar Al Khaleej newspaper, the current year development rate in properties field by 30%.
Hagras asked the government during the interview to grant the real estate private sector more chances to work on bigger construction projects. He suggested also the formation of real estate courts to rule on real estate disputes in short time, as it take regular courts long times, could reach 10 years, to issue it decree on real estate disputes.
Hagras mentioned also that real estate sector is the second largest economic sector in Bahrain after banking sector. He suggested the implementation of some certain measures to drive properties sector to thrive and dominate the largest share in Bahrain GDP including offering some attractive facilities to foreign investors referring that the real estate condition in Bahrain is similar to Dubai’s.