Bahrain’s real estate market is showing remarkable resilience despite global economic uncertainty and rising interest rates, according to a new report.
Overall real estate transactions in the first three quarters of 2023 reached 16,758, a significant increase from the 15,943 transactions recorded in the same period in 2022, highlights a report by ASK Real Estate.
The report, which covers Q3 2023, shows that the real estate sector continues to see growth driven by strong local demand for affordable housing and improved performance in the tourism sector, which directly impacts the sector. We expect the momentum to continue.
There were 5,144 real estate transactions in Q3 2023, a slight decrease from the 5,278 transactions recorded in Q2 2023.
Total real estate transactions in Q3 2023 were BD $271,970,245, a decrease of 9% compared to Q2 2023, BD $299,348,822.
The cumulative value of real estate transactions in the first three quarters of 2023 was BD814,336,089, exceeding the BD799,216,934 recorded in the same period of 2022.
Commenting on the sector’s performance, Majid Al Khan, Chairman of ASK Real Estate, expressed satisfaction with the sustained growth of the real estate market and highlighted the abundance of opportunities for investors in the local market. did.
Mr. Al Khan
Karim Yaji, CEO of ASK Real Estate, said the sector’s resilience was due to factors such as continued global pressures and geopolitical developments in the region.
He observed that the global trend of investors seeking safer investment destinations has led to increased interest in the real estate sector.
Yaji-san
Mr. Yaji further emphasized the importance of government efforts in supporting the growth of the real estate market, especially in the housing sector. He predicted that the field could gain further momentum with new projects launching in the near future.
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