Bahrain real estate market ‘recovering’ from pandemic

TDT | Manama                 

The Daily Tribune – www.newsofbahrain.com 

Staff Reporter

Since the beginning of 2020, the world has been deeply affected due to the pandemic which has impacted many sectors and businesses globally.

The Kingdom of Bahrain has faced various challenges due to the impact Covid-19 has had on its economy, which is still felt in some sectors.

Fortunately, Bahrain’s real estate market is starting to record numbers comparable to pre-Covid times.

According to property finder, numerous decisions and strategies set in place by different units in Bahrain have massively helped in reducing damages during the pandemic, and have aided in the reported market growth after the pandemic.

Speaking to The Daily Tribune, Mohamed Al Awady, a real estate advisor, said: “Before Covid, the real estate market was doing well regarding sales and rent.

Additionally, we have various types of clients all over Bahrain and depending on the area, our clients’ inquiries are different. We receive different inquiries from clients in Juffair compared to Amwaj.

Luckily, during the worst of Covid, we were able to still receive rent from clients already agreed upon before the pandemic.

” Many sectors were affected during this time, as Mohamed Al Awady stated: “Depending which sector you worked in and if your employer could afford to keep paying employee salaries, resulted in how Covid impacted different industries and businesses.

Hotels and restaurants were heavily impacted.

“In the real estate market, even though we were receiving monthly rent from clients, the sales stopped during this time. Luckily, this did not last too long, and the real estate market has started to grow and return to normal market levels. Essentially, we are starting to see things return to normal times.”

According to Trade Arabia, Business News Information, the third quarter of 2022 has seen all sectors in Bahrain’s real estate market experience growth.

This is due to government initiatives and new strategies put in place.

Moreover, the Kingdom’s residential market has witnessed solid growth, as a 3.2 percent growth in the number of transactions has been reported, according to Knight Frank, a global property consultancy.

Due to effective strategies in place during the pandemic, Bahrain’s real estate market is still developing and full of opportunities for investment in various sectors, according to Property Finder.

This includes both the commercial and the residential markets.

The government’s efforts to combat obstacles and challenges that occurred during the pandemic.