A recent report by ASK Real Estate said that Bahrain’s real estate market have recorded strong growth in 2023 despite the global financial pressures and the continued rise in profit rates.
The recent report covering the third quarter of 2023 expects the real estate sector to continue its growth momentum pushed by strong local demand for affordable housing as well as the improved performance of the tourism sector, which directly affects the sector.
The report said that the total real estate transactions in the 3rd quarter of 2023 stood at 5,144 compared to 5,278 for Q2 of 2023. The transactions were worth BHD 271,970,245 which is about 9% down from Q2 of 2023, which stood at BHD 299,348,822. Total real estate transactions to end of Q3 stood at 16,758 compared to 15,943 for the same period last year. The transactions were worth BHD 814,336,089 compared to BHD 799,216,934 for the same period last year.
Commenting on the occasion, Mr. Majed Al Khan Chairman of ASK Real Estate said, “We are very pleased to see the continued positive growth of the real estate sector in Bahrain. The local market shows many opportunities for investors. The launch of this report coincides with the Bahrain’s biggest real estate fair that aims to highlights the country’s commitment towards accelerating the growth and development of this sector”.
ASK Real Estate will participate at Cityscape Bahrain 2023, which is set to held at the Exhibition World Bahrain from November 14-16, 2023. The company will showcase the diverse range of services that it provides including real estate valuation, advisory services and brokerage. It will also offer a number of exclusive real estate deals in several projects.
Mr. Karim Yazji, the CEO at ASK Real Estate said, “Despite the continued global pressures and the geopolitical developments in the region, the real estate sector in Bahrain managed to achieve well during this year and it maintained this positive performance in the third quarter of this year. It appears that there is a global trend to crowd investment in the real estate sector as investors seek safer investments, especially after the significant inflation of interest rates recently”.
Mr. Yazji added, “The governmental initiatives played an important role in supporting the growth of the real estate sector in Bahrain, especially in the residential sector. This sector is expected to witness more momentum with the launch of new projects during the coming period”.
ASK Real Estate is a Bahrain based company specialized in providing real estate services such as, real estate management, brokerage and leasing, advisory services, sale and purchase as well as valuation reports for secured lending, Stock market listing, financial reporting and auditing. It has obtained recently Tier “A” valuation licence provided by Bahrain’s Real Estate Regulatory Authority (RERA), which allows the company to provide valuation and advisory services to various types of real estate properties, including mega projects.
