Property Finder, Bahrain’s leading real estate platform, unveiled today its comprehensive Market Watch Report for 2023, indicating strong growth in villa leasing last year.
Khalid Al Saeh, Regional Manager at Property Finder Bahrain and Saudi Arabia, said that the projects delivered last year had a significant positive impact on real estate trades. The local market last year witnessed the completion of 34 projects with a total value of $ 1.5 billion, recording a significant growth of 92.4% compared to the past.
Property Finder’s data revealed that the average listed price of apartments in 2023 saw a 4% increase from the previous year. The data indicated that Juffair, Amwaj Islands, Seef, Diyar Al Muharraq and Manama were the most listed areas for those wishing to own apartments, while Amwaj Islands, Diyar Al Muharraq, Riffa, Saar and Barbar were in the first places the preferred areas for villas, whether for investment or residential purposes in 2023.
Villa sales in 2023 showed a slight 2% decrease compared to 2022, within which five-bedroom villas noted a drop in sales by 4%. It is worth noting however, the villa prices varied by location, with Amwaj Islands seeing a 5% increase in the average sale price of five-bedroom villas, while four-bedroom villas recorded an increase of 4.6%. The three-bedroom villas also recorded a good return on investment of 6.8% in Amwaj Islands.
The increase in average prices was not limited to Amwaj Islands, as Diyar Al Muharraq also recorded a significant increase in property prices – with an increase of 4.4% for five-bedroom villas and a 4.2% increase for four-bedroom villas.
Villa leasing on the other hand has seen strong growth, with average rental prices rising by 11.6%. The market further maintained its upward increase in rental pricing, reflected by an uptick in average apartment rental prices by 6.3%. This marked market resilience, as the shift was achieved despite a marginal contraction of 0.3%.
Hamala and Manama showed positive growth of 6% and 3% in prices respectively, indicating a booming market.
Al Saeh concluded by saying: “At Property Finder, we take pride in providing comprehensive valuable insights and in-depth analysis of the real estate market in Bahrain to all stakeholders. With our Market Watch report, we track and explore key developments and consumer trends that have proven beneficial to consumers, real estate professionals and investors. By sharing this data with individuals, we want to empower home-seekers to better understand prices across different communities, governorates and property types and aid in their decision-making process.”
