Bahrain real estate market remained stable over the course of the first quarter of this year despite the various economic challenges.
The property market remained thriving thanks to the increased construction and development activity in Juffair, Seef, and many locations around Bahrain.
Bahrain looks forward to diversifying its economy and focus more on non-hydrocarbon sectors as a wide fearful shadow of economic uncertainty is looming over the whole region. The non-hydrocarbon sector is expected to grow by 2.9% in 2016.
This growth is mainly driven by real estate, construction, private education, healthcare, and tourism, According to James Lynn, the director of research at CBRE Bahrain.
Lynn added saying that despite that the number of transactions sealed in Bahrain real estate market dropped by six percent quarter-on-quarter, development activity hiked especially in residential, retail, and hospitality sectors.
In respect of residential rental market, a slight change has been evident as rental rate remained stable in most areas.
Juffair, Amwaj Island, and Seef districts remained the most-demanded locations for tenants. The proximity of these locations to offices, malls, and entertainment venues added to their value.