Real estate market bounced back in Bahrain last year

TDT | Manama

The Daily Tribune – www.newsofbahrain.com   

Bahrain’s real estate sector had bounced back during the second half of 2020, despite pains inflicted by the coronavirus pandemic on the national economy.

The sector jumped “about 14% and 20% in the third and fourth quarters, respectively.” The figures are according to the latest data released by the 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.

He, however, said that the volume of real estate trading in the Kingdom decreased by 11% to BD 717,436,872 in 2020, from BD 808,934,154 in 2019.

Shaikh Salman said that the results are positive, given the exceptional circumstances created by the spread of the novel coronavirus (COVID-19) pandemic and its economic impacts.

“Positive results attained in the second half were the fruitful outcome of the measures taken by the government to support the economic activities, in general, and the real estate sector, in particular,” Shaikh Salman said.

“The government was keen to strike a balance between enforcing precautionary measures, and providing the appropriate environment to ensure the continuity of vital economic sectors, which contributed to their relative stability.” He said the adoption of digital work had played a role in facilitating transactions during such conditions.

He further affirmed that the Kingdom’s real estate sector boasts an investment-attracting environment, thanks to laws protecting the rights of dealers, and the support of the government.