During the second half of 2020, Bahrain’s real estate sector showed signs of recovery as it bounced back surging by about 14 percent and 20 percent within the third and fourth quarters, respectively.
The overall worth of real estate businesses across the kingdom touched BD717.4 million ($1.9 billion) the preceding year, as comparatively to BD808.9 million the year before, thus, recording a
n 11 percent decline amidst tough economic circumstances, a top official stated it.
Survey and Land Registration Bureau (SLRB) President and Board of Directors Chairman of the Real Estate Regulatory Authority (RERA) Shaikh Salman bin Abdulla bin Hamad Al Khalifa stated out that: “the results could be measured optimistic, given the extraordinary surroundings created by the spread of the coronavirus (Covid-19) pandemic and its economic impressions.”
The positive outcome accomplished in the second half were the prolific upshot of the procedures taken by the government to provision the economic activities, in general, and the real estate sector, in particular, stated Shaikh Salman.
“The government has been keen to strike a balance between enforcing precautionary measures to prevent the spread of the pandemic, and providing the appropriate environment to ensure the continuity of vital economic sectors, which contributed to their relative stability,” he added.
Shaikh Salman also indicated out that the swifter embracing of digital work had played a significant role in smoothing the transactions during such tough environment prevailing globally. “Bahrain’s real estate sector claims an investment-attracting environment, assumed the kingdom’s laws that protect the rights of dealers, and the funding of the government for it,” he added.