The chairman of Bahrain Real Estate Organization, Naser Al Ahli, expected the total real estate transactions value in the kingdom until the third quarter to drop compared to the same period of last year.
The official figures issued by Bahrain’s Survey and Land Registration Bureau indicate that transactions value until the end of third quarter will range between 750 and 800 million dinars, while deals value registered during the same period of last year hit 880 million. Commenting the drop in deals value, Al Ahli said that the recently imposed infrastructure fee is one of the factors leading to the current market stagnation, not to mention low oil price.
In another respect, Al Ahli said that the specialized property shows to be held in Bahrain in the coming couple of months boast propitious opportunities for launching new projects.
Regarding the new projects in Bahrain, Al Ahli said that the second quarter didn’t see the launching of any new project. He attributed this to the delay in issuing permissions and finishing investors’ paperwork. He assured that Bahrain real estate market needs a special entity for revitalizing the sector and speeding up license issuance process.